Appraisers and Homeowners Found Common Ground on Increased Value in 2017
When it comes to homeowners getting their desired appraisal of their homes, the ground has alway been rocky. However, it looks like the tide is turning after a positive number of homeowners and appraisers agreeing more on the value of homes in 2017.
"Though the average appraisal of a home still lags behind the price homeowners hope to achieve, the gap between the two numbers is narrowing, according to the National Quicken Loans Home Price Perception Index (HPPI)," according to Reverse Mortgage Daily.
"In December, appraisals were 0.5% lower than homeowner estimates on average, for the seventh consecutive month of narrowing between the two. This compared with November, where appraised values were 0.67% lower than homeowner estimates, and marks a major improvement from a year ago,when the difference was 1.33%."
While it's still not as perfect as homeowners would like, there have been major strides to try and bridge the gap significantly, strides that have made for a more positive experience for homeowners looking to get a little more value out of their homes.
As the gap narrows, it will be interesting to see where homeowners and appraisers are on fair appraisals by the end of 2018. For more on the narrowing appraisal gap between homeowners and appraisers, click on the image above.
