AgentIndustry News

East coast and Midwest overvalue homes, West undervalues, says Quicken Loans

West Coast metro homeowners don't think as highly of their home values as those on the East
  • Nationally, home values are 1.95 percent less than what homeowners think they are.
  • Denver, Colorado has the highest Home Price Perception Index, with reaching over 3 percent higher than homeowners' expected value.
  • Detroit has the lowest HPPI on the graph, dropping below 3 percent. Philadelphia has lowest HPPI of all the cities examined.

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According to Quicken Loans' Home Price Perception Index (HPPI) for April 2016, national home appraisals are 2 percent lower than homeowners' expected value. This unprecedented report shows how homeowners are viewing the housing market verses the reality of the housing market. Upon first glance, the noticeable difference is in the way homeowners value their homes in the major markets on the West and East coasts. Los Angeles and San Francisco residents saw their homes valued higher than expected, while Washington, D.C., New York City, Miami and Chicago overvalued their homes against appraisers values. Quicken Loans HPPI On the a national level, the appraised value of homes was 1.95 percent lower than March homeowners' expectations. And although there are have been slight fluctuations, the HPPI has teetered around -2 percent within the past year. With only slight changes month-over-month, the common trend is that homeowners on the West Coast are undervaluing their homes while...