Homeowners, Appraisers Differ on Home Value Estimates: Quicken

The gap between how much homeowners think their home is worth compared to appraisers' values has grown wider, according to a Quicken Loans report.

Appraisers' opinions of home values in May were 1.15% lower than homeowners' estimates, compared to 0.69% in April, according to Quicken's national Home Price Perception Index. That's the fourth consecutive month the difference widened between homeowners and appraisers.

Quicken's comparison is conducted at the national level and estimates can vary by location, said Bob Walters, the Detroit company's chief economist.

"There is no such thing as a national housing market," Walters said. "Every city, and every neighborhood, moves in different directions based on local factors."

Even with the difference of opinion, home values continue to rise nationally. Quicken's national Home Value Index increased 0.24% from April to May.