Homeowners believe their homes are just slightly worth more than they are, according to new data. From a national perspective, appraiser opinions of home values were 2 percent lower than homeowner’s views in September.

  • Now is a good time to refinance in the West.
  • Home value increases have yet to slow in a number of Western markets.
  • The Midwest, Mid-Atlantic and Northeast regions are accounting for the overall decline in appraiser opinions.

Homeowners believe their homes are just slightly worth more than they are, according to new data. From a national perspective, appraiser opinions of home values were 2 percent lower than homeowner’s views in September.

According to data from Quicken Loans, this represents the eighth month in a row that homeowner estimates exceeded those of appraisers.

“It may not seem like homeowners assuming their home’s value is 2 percent higher than appraisers’ opinions is significant, but it could make a huge difference in metro areas with higher average home values,” said Bob Walters, chief economist for Quicken Loans.

It could also cause complications for homeowners who are close to loan-to-value refinance thresholds or are looking to eliminate mortgage insurance.

image001

While appraiser opinions are overall lower than those of homeowners, markets exist where the opposite holds true. A number of these markets are located in the West.

San Jose and San Francisco are cited as the two markets where appraiser opinions are noticeably higher than homeowner perceptions, by 5.74 percent and 4.67 percent, respectively.

Teri Virbickis / Shutterstock.com

Teri Virbickis / Shutterstock.com

In Denver and Portland, appraiser opinions are 4.4 percent and 2.36 percent higher than homeowner estimates.

Los Angeles (1.41 percent), Riverside (1.16 percent) and Sacramento (1.12 percent) represent additional California markets where appraisers value homes more than owners.

Homes in two Texas markets, Houston (2.9 percent) and Dallas (2.68 percent), are also valued more by appraisers.

On the flip side, there are four markets where homeowner perceptions are more than 2 percent higher than those of appraisers:

  • Philadelphia, 3.58 percent
  • Kansas City, 2.95 percent
  • Chicago, 2.52 percent
  • Charlotte, 2.09 percent

Email Erik Pisor.

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×