Homeowners’ views of their home values inched slightly closer with appraisers during the month of May. 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 narrowed last month, following six months of widening.
According to the report, most major cities had an average appraisal value that was more than two percent off from homeowners’ expectations. Homes are currently appraising for 3.54 percent above last year’s levels.
San Diegans often understate their home values according to previous data, suggesting that home values in the region rise faster than property owners anticipate.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.875 percent and 15-year rates are near 3.375 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.