The gap between a homeowner's perceived value of their property versus an appraiser's widened in August on a monthly basis, according to Quicken Loans.
Appraiser opinions were 2.65% lower than homeowners' opinions in August, according to Quicken's national
Homeowners have an unrealistic view of the value of their homes, Bob Walters, Quicken's chief economist, said in a news release.
"Homeowners may be assuming that home values have been in a steady, linear path upward," Walters said.
"In reality, home values have remained mostly flat this year and this false assumption may be leaving homeowners disappointed when their appraisals come in."
Home values were little changed in August, falling 0.05% on a monthly basis, according to the Detroit-based Quicken. Home values rose 3.34% from a year ago.
The widest gap between appraisers and homeowners in August, among the metropolitan areas surveyed, was in Philadelphia, where appraisers' value was 3.31% lower than homeowners' perceptions. Kansas City, Mo., had the second-widest gap at 2.86%.
San Jose, Calif., had the widest gap in the other direction, where the appraisers' estimates were 5.83% higher than the homeowners' estimates. San Francisco was second at 5%.
