Quicken Loans released its Home Price Perception Index (HPPI) for February, finding that the range between expectations and actual appraisal values got larger for the first time in six months. On March 8, the retail mortgage lender announced average home appraisal values in February were 1.99 percent lower than homeowners’ expectations.

image001 (2)

Homeowners who were most likely overestimating the worth of their home are mostly in the West.

In the month of February, nationwide home values increased 1.51 percent on a monthly basis and increased 3.89 percent annually.

“While it is always disappointing for homeowners to learn they don’t have quite the home equity they expected, the national HPPI is still within a normal range,” said Quicken Loans chief economist Bob Walters.

“In an ever-changing real estate market, home values fluctuate and these changes are most quickly realized by appraisers who are evaluating local sales every single day.”


San Jose and Philadelphia were on opposite ends of the spectrum. San Jose homeowners were finding their homes to be worth 4.35 percent more than they thought, while Philadelphia home owners were over estimating by 3.71 percent

Los Vegas and Seattle homeowners were the closest to being accurate about the truth worth of their home. Seattle residents were slightly in the red and Las Vegas homeowners were getting a bit of a pleasant surprise.

image003 (1)

In Houston, homeowners are experiencing positive home appraisals.

In February 2015, the appraiser value was 3.30 percent higher than the homeowner perception of their home’s value. Today, homeowners are finding themselves a little less pleased during appraisals.

In January 2016 appraiser value was 2.31 percent higher than homeowner perception, and it dipped slightly in February 2016 to 2.23 percent.

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.
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