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Homeowner perceptions of value were off in September, 1.14 percent higher than those of appraisers, according to the latest Quicken Loans’ National Home Price Perception Index (HPPI). The latest Quicken Loans National Home Value Index (HVI) shows appraised values rose 3.38 percent year-over-year.

A summary of the HPPI:
There was an average 1.14 percent difference between the appraisal and the homeowner’s estimate of value in September, with the appraiser’s opinion falling below that of the homeowner. However, the trend is positive. September was the fourth consecutive month the gap between the two perceptions narrowed, as perceptions moved closer to equilibrium. On the other hand, there is still a wide variety of home value perceptions across the country, from Dallas, where appraisals were an average of 2.87 percent higher than expected, to Philadelphia, where the average appraisal was 2.89 percent lower than what the owner thought it would be.

A summary of the HVI:
Home values continued their ascent in September. On a national level, appraisals rose 0.44 percent from the previous month. Even more impactful, the average home valuation was 3.38 percent higher than the same time last year. Regionally, all areas showed annual home value growth, from 2.08 percent in the South to 5.77 percent in the West. Monthly, however, the South did have a 1.33 percent drop in September.

“Home values are highly impacted by the balance of buyer’s interest and the volume of available homes,” says Bill Banfield, executive vice president of Capital Markets for Quicken Loans. “Currently this is highly tilted with a lack of home inventory, leading to rising values. One of the most impactful things that could be done to achieve stability is an increase in new home-building. If move-up buyers move on to new construction, it will open up starter homes for first-time buyers.”

“An appraisal can vastly impact the mortgage process,” Banfield says. “This number alone can impact how much a buyer needs to bring to closing, or the current equity a homeowner has when refinancing. If homeowners are aware of local home values and how they are changing, it will assist with a smoother mortgage process.”

For more information, please visit QuickenLoans.com/Indexes.

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