The price expectation of home sellers compared to home values are off by 1.93% according to a report from Quicken Loans
The price expectation of home sellers compared to home values are off by 1.93% according to a report from Quicken Loans.
Its National Price Perception Index (HPPI) reveals that the average gap between sellers’ expectations and appraised values continued to widen over the past 6 months.
Home values are rising though, by 0.63% in May on average, 4.92% year-over-year, the mortgage lender’s Home Value Index shows.
"It's important for consumers to see the HPPI and not only think about the difference in perceptions, but the different perceptions across the country," said Bill Banfield, Quicken Loans Executive Vice President of Capital Markets.
Homeowners in Denver, Dallas and Seattle are most likely to overestimate the value of their home (up to 2.5%) while those in Philadelphia, Baltimore and Chicago may under-value their home by as much as 3.3%.
"Home values, and home value changes, vary widely depending on the city you're in. Homeowners, and those looking to buy a home, should keep a close eye on their local market to better understand home values in their area, and the trend they are on," added Banfield.
Its National Price Perception Index (HPPI) reveals that the average gap between sellers’ expectations and appraised values continued to widen over the past 6 months.
Home values are rising though, by 0.63% in May on average, 4.92% year-over-year, the mortgage lender’s Home Value Index shows.
"It's important for consumers to see the HPPI and not only think about the difference in perceptions, but the different perceptions across the country," said Bill Banfield, Quicken Loans Executive Vice President of Capital Markets.
Homeowners in Denver, Dallas and Seattle are most likely to overestimate the value of their home (up to 2.5%) while those in Philadelphia, Baltimore and Chicago may under-value their home by as much as 3.3%.
"Home values, and home value changes, vary widely depending on the city you're in. Homeowners, and those looking to buy a home, should keep a close eye on their local market to better understand home values in their area, and the trend they are on," added Banfield.
