The number of homeowners who are overestimating the value of their home is shrinking according to a report. While the average homeowner is still placing too high a value on their property, overall estimates were 0.53 percent higher than appraiser assessments. This latest information is from the National Quicken Loans Home Price Perception Index. In high-priced markets, however, homeowners are way off-the-mark. Dallas owners, for instance, had appraisals come in 2.72 percent higher than expected. In San Diego, the difference was1.3 percent higher than perceptions.
This continues a long term trend in which homeowner expectations are growing more aligned with appraisals, largely due to consumers being more vigilant of uncertainty in the economy and the inflation of home prices.
Today, conforming no-point 30-year fixed mortgage rates averaging 4.375 percent, 15-year rates near 3.875 percent and the 5-year ARM averaging 4 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.