Homeowners' Perception of Value - Outpacing Market?
For the 6th month in a row, the gap between how homeowner & appraiser view value has widened according to Quicken Loan's Home Price Perception Index.
According to Quicken's Chief Economist Bob Walters: "Many homeowners around the country are seeing the national headlines about home value increases and they are optimistic about their equity increasing. While some areas are seeing the same level of home appreciation, or even more, there are also some areas that have slower home value increases. This can lead to homeowners and appraisers not quite seeing eye-to-eye.”
Even a few months ago we were seeing appraisal issues affect pending home sales. As Walters explains, this is in part due greater balance returning to home value appreciation. "Many homeowners around the country are seeing the national headlines about home value increases and they are optimistic about their equity increasing," said Quicken Loans Chief Economist Bob Walters. "While some areas are seeing the same level of home appreciation, or even more, there are also some areas that have slower home value increases. This can lead to homeowners and appraisers not quite seeing eye-to-eye."
BOTTOM LINE
In North TX, while home owners continue to enjoy record appreciation, real estate pros & home owners must remain cognizant of the subtle shifts in appreciation rates that are often masked in the market's excitement. Likewise, agents & owners truely need to be prepared to sell every home twice!
Have questions about your home's value or market conditions, please give a call
- Christie Cannon - 469-951-9588- Keller Williams Frisco
