DataMarkets & Economy

NYC homeowners overestimate their values, says Quicken Loans

Nationally, homeowner perception is nearly 2 percent higher than a home's appraisal value

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Quicken Loans released its Home Price Perception Index (HPPI) for June, finding the range between homeowner expectations and actual appraisal values continues to grow in the U.S. The retail mortgage lender recently announced average home appraisal values in June were 1.93 percent lower than homeowners' expectations, a slight 0.4 percent increase the gap from the 1.89 percent rate in May. “Perception is everything. It can make or break a home sale or mortgage refinance,” Quicken Loans Chief Economist Bob Walters said in a press release. “That’s why it’s so important for homeowners to realize how they perceive their home’s value could vary widely from how an appraiser views it."   Although maybe not as fast as some homeowners like to think, home values are still rising. The Home Value Index (HVI), which measures home values across the nation, increased 0.84 percent month-over-month in June and 4.47 percent year-over-year. As the report points o...