Honesty never hurt anybody.
And when it comes to your home’s value – honesty is much appreciated.
According to Quicken Loans Home Price Perceptions Index, May saw an average home appraisal that was .79% lower than the homeowner’s estimate, which reflects a narrowing gap after six months of widening.
While home values rose 3.54% year over year, the index shows that on a month-over-month basis, the Midwest was the only region with home value growth with a .47% gain.
Appraisals, as most homebuyers and sellers know, can be an emotional roller coaster; either the appraisal comes in too low or too high – but as of now, it looks like it’s meeting in the middle of buyer and seller expectations.
Bill Banfield, Quicken Loans EVP of Capital Markets, explains, “[…]appraisals are not likely to cause much of a disruption in the mortgage process. This is, however, a reminder to homeowners that they should always keep an eye on the home sales around them to get a realistic gauge of their home value before estimating what it could be.”