Homeowners’ view of their home value was not in alignment with appraisers during the month of March. According to the National Quicken Loans Home Price Perception Index, the gap between a homeowner’s perception of their home value and that of a professional appraiser widened significantly last month. The gap grew by 25 percent compared to February.
San Diego’s data painted a different picture, however. Residents within the County actually underestimate their home values by about 0.93 percent. This is a wider gap than the one seen in January when San Diego homeowners undershot their values by 0.86 percent.
The variance between the national average and San Diego suggests that home values in the region continue to climb at a rate greater than what homeowners anticipate.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.125 percent, 15-year rates are near 3.625 percent and the 5-year ARM is averaging 4.00 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.