Homeowners More Optimistic About The Value of Their Home Than Appraisers Are

It probably won’t come as a surprise to you that many homeowners feel their homes are worth more than perhaps they are, particularly when the time comes to sell them.  This is evidenced by the Quicken Loans’ Home Price Perception Index  (HPPI) which looks at appraised values of homes versus the the homeowners estimate of value.  The HPPI chart below shows that, for April 2017, appraisal values of homes came in nearly 2 percent less (1.9%) than the homeowners expectations. As the chart reveals, for the past two years homeowners opinions on their homes value have exceeded that of appraisers, however, for roughly a two-year period from 2013 until late 2014, the opposite was true.

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Difference Between Homeowner Estimates and Appraiser Opinions of Home Values

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