The discrepancy between appraisers' and home owners' opinions of home
values is narrowing.
In November, appraisers valued homes 1.56 percent higher than home
owners, according to Home Price Perception Index. ."Mortgage
financing often hinges on whether the appraised value coincides with
the home values agreed upon by the home buyer and seller in the case of a
home purchase, and the home owner's estimated value in the case of a
refinance," says Chief Economist Bob Walters. "It is
reassuring to see the gap between appraiser opinions and home owner
opinions narrow, and if we had to choose a side of the fence, it makes
for a much smoother mortgage process if appraisers are valuing homes
above home owners' estimates like we're seeing, as compared to the
opposite." Read more.
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