The difference between what homeowners value their homes at and what appraisers are valuing the properties at has narrowed to the lowest level in more than a year.
In January, the Home Price Perception Index was 92.42. The index increased 2 percent compared to the previous month.
In addition, the index was up from January 2014, with a year-over-year increase of 6 percent reported.
Quicken Loans Inc., which publishes the index, released the latest reading on Tuesday.
Based on the most-recent index,
appraisers’ opinions of home values were less than 1 percent more than homeowners’ estimates.
January’s index turned out to be
the closest the two opinions have been since September 2013.
The difference was more than 1 percent in December and more than 2 percent in January 2014.
“Interest rates have dropped and we have seen more and more Americans refinance their mortgage,” Quicken Loans Chief Economist Bob Walters said in the report. “These consumers have been watching their local housing market and realizing their home’s true value more accurately than any time in the last year and a half. ”
