Earlier this week, retail mortgage lender Quicken Loans released its Home Price Perception Index (HPPI) for September, revealing average homeowner estimates were coming in 1.26 percent higher than actual appraised values. Although homeowners are slightly miscalculating, the HPPI has diminished over the past three months.
- The HPPI gauges how much homeowners are overestimating (-) or underestimating (+) their home values.
- The HPPI has narrowed for three consecutive months, reaching -1.26 percent in September.
- West Coast markets like San Francisco and San Jose show appraisals over 2 percent higher than homeowner estimates.