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. 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...
- 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.