Homeowner estimates still outpace appraiser valuations across most of the country, but the gap between the two appears to be shrinking.
Appraiser valuations were 1.95% lower than homeowner estimates, according to the Home Price Perception Index released Tuesday by Quicken Loans. That difference is smaller than a month prior when the valuations fell 2.17% below expectations.
Quicken Loans also reported that home values fell slightly, by 0.66%, from March, but were still 3.79% above last year's figure, according to the Detroit-based company's Home Value Index.
While price perception nationally lags valuation, in some cities across the West such as Denver and San Francisco homeowners have underestimated their property's value.
"The HPPI is in a healthy trend, nationally," Quicken Loans chief economist Bob Walters said in a news release. "While everyone wants their appraisal's to come back showing more equity than anticipated, like some homeowners in the West, the discrepancy we are seeing now won't likely derail a mortgage transaction."
