Appraisals are close to even with homeowners’ opinions—just 0.28 percent below what homeowners perceived, according to the October Quicken Loans National Home Price Perception Index (HPPI). Appraised home values were up 4.39 percent year-over-year, according to the Quicken Loans National Home Value Index, representing a slowing.
“With homeowner estimates and appraiser opinions moving more closely together, mortgages are less likely to run into snags in the process,” says Bill Banfield, executive vice president of Capital Markets at Quicken Loans. “With the combination of a better understanding of appraisal values, and continued home value increases, this could be a good time for homeowners to tap into their growing equity to pay off higher interest debt or make home improvements.
“The pace of home price growth appears to be moderating and varies by region, representing a healthy adjustment to strong price gains of the past,” Banfield sa. “Slower gains in prices can balance out changes in interest rates affecting affordability for those looking to purchase a new home.”
For more information, please visit QuickenLoans.com/Indexes.
For the latest real estate news and trends, bookmark RISMedia.com.
