Homeowner price opinions are higher than
appraised values.
The market that
we have been experiencing has been hot, but nationally we should be aware that
it might not be that hot. Appraiser opinions of home values were 2.33% lower
than homeowner estimates in July, according to the Quicken Loans national Home
Price Perception Index.
The gap between
homeowner estimates and appraiser opinions of value in July was nearly double
the gap between these values in May.
“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.”
Homeowners are
increasingly overvaluing their homes, according to the national HPPI. The study
showed appraisers’ opinions of home values was, on average, 2.33% lower than
homeowners’ estimates in July.
Last month’s gap
was nearly double the difference between opinions in June when appraisers’
opinions were 1.40% less than homeowners’ estimates.
“A slowing of
home value increases adds to the misunderstanding of local home values,”
Walters continued. “Appraisers are viewing the housing industry every day; they
know when home values growth may be slowing. Homeowners may think values are
still skyrocketing, when they have instead returned to more healthy
appreciation in their area.”
Home values across
the nation continue to rise above last year’s levels, although they are
practically flat on a monthly basis. The HVI reported national values decreased
0.27% from June to July, but increased 3.89 since last July.
Home Tip of the week.
Monday at 3:20am
I think I will wake up again and thank God that the earth is not shaking. We as
a community have healed most of the wounds we suffered on that day, but there
will be signs for years of the damage done that morning.
But today is
about remembering the strength we have as a community and how to be prepared
for the next one.
One sign of the
recovery is this home.
2265 3rd St Napa, CA 94559. It was listed for
sale on 8/24/14 and fell off of its foundation. Yesterday this proud old home
with a new foundation, new electrical and new plumbing was back on the market
with Davidson and Bennett. It features too many period charms than I want to
list here but proud to see it back on the market.
But one thing we
can all do is be prepared. Do you have your earthquake kit ready? Have you
checked it since last year?
Here is a list to
help you build your kit -
There are many
that you can also buy online.
To hear more
about our recovery you can watch the KQED special today at 9am regarding the
Napa quake.
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