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Quicken Loans Survey Shows Opinions of Appraisers and Homeowners Narrow on Home Value

Across the U.S., homeowners continue to overvalue their home in comparison to appraisers, but the gap is narrowing. Homeowners overestimated property value by 1.55% in July.

Home values are also continuing their upward trend, rising 0.33% last month and 4.21% since last July. Knowing your home value is a huge help when you look to buy or refinance .

Home Price Perception Index (HPPI)

Appraisals were below homeowner expectations by 1.55%. Still, this is an improvement over the 1.70% difference in June. Real estate values are heavily influenced by local trends and in many of the hottest markets, appraisals actually came in above homeowner expectations, but in other major areas, they were quite a bit lower.

Quicken Loans Executive Vice President of Capital Markets Bill Banfield discussed the importance of paying attention to home appraisals.

“The home appraisal is one of the most important data points in the mortgage process. It determines the level of equity the homeowner has and, if the owner’s estimate is too far from how the appraiser views the property, it can cause the mortgage to be restructured,” said Banfield. “Our hope is that this index is eye-opening for homeowners. Their home equity could be thousands of dollars higher, or lower, than they realize. If they are aware of the perceived trends in their area it could help them better prepare for their home purchase or refinance.

Great Week for Housing Starts – Market Update

The Detroit Tigers traded my sister’s favorite player, right fielder J.D. Martinez, last Tuesday. Despite the discord this is causing in my house, the logical part of my brain says this is the right move. The team hasn’t had a great year so far. Yet, the Tigers find a way to keep pulling you back in, going 6-4 in their last 10 and just five games back in a division where no one is yet to pull away.

It very much reminds me of where the economy has been lately. We’re doing OK, but there are just enough contradictory signs that observers aren’t quite sure where to go next.

Headline News

Housing Market Index: Home builders have been less confident in July than they have been in recent months, with the index coming in at 64. This is down from 66 in June and the lowest level since November. Part of this may have to do with higher lumber costs for home builders. However, with the exception of this week’s housing starts data that we’ll get into below, this joins a group of housing reports that’s been a little weaker recently. Future sales are still strong at 73 and present sales are holding at 70. However, traffic came in at 48. The second sub-50 rating in as many months means there are fewer prospective buyers walking through new homes. That’ll be something to keep an eye on. In terms of regional strength, the West, Midwest and South are looking good, while the Northeast trails a bit.

Poll: What is your mortgage payment and Insurance cost for your 2+ bedroom / 2 bath HOUSE and what region?

We live in Lawton Oklahoma and we have a 1600sqft 3 bedroom, 2 full bath house with an attached 2 car garage, large privacy fenced in yard and covered patio. Our mortgage payment is 644 a month, 80 for taxes and 80 for insurance for a total of 804 a month.