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Appraisal values and what homeowners expected them to be are at their closest point since February 2015. The National Quicken Loans Home Price Perception Index reported that the average home appraisal in June was only 0.25 percent lower than what the owners estimated.
While home value perceptions continue to improve, appraisal values themselves posted a slight retreat in June. The average appraisal value fell 0.63 percent from May to June, according to the National Quicken Loans Home Value Index. However, the report showed growth when compared to the previous June – increasing 4.57 percent year-over-year.
Getting an accurate market value is an important, albeit often misunderstood, part of the mortgage process,” says Bill Banfield, executive vice president of Capital Markets at Quicken Loans. “The valuation has historically involved an appraiser coming to personally inspect the home and give their personal opinion of its value. Now more technology is becoming available to modernize the appraisal process; however, even with a more data-based approach, there can be some disconnect between the appraised value and homeowners perception of value. We hope the Home Price Perception Index can shine some light on that gap, limiting surprises during a home sale or mortgage refinance.
“The home value growth in June reflects a much healthier housing market than we have seen in years past,” Banfield says. “Some fluctuation month-to-month is normal for a well-functioning real estate market. The annual appraisal changes are also in a healthy range. This slow rise—not straying too far from the inflation rate—helps keep control of affordability.”
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