The most recent study by Quicken Loans Inc. of homeowner value perceptions revealed that the disparity between appraiser and homeowner opinions of home values contracted in September for the first time on over a year.

While home values have generally increased from month to month over the past year, homeowners’ perceptions of home value have become consistently inflated relative to appraiser valuations.

Homeowners’ Price Perception

In the study, the difference between homeowner estimates of home worth and appraiser valuations was measured using Quicken Loans’ Home Price Perception Index (HPPI). The HPPI was determined by comparing the difference between the homeowner’s estimated home value as listed on the mortgage application with the appraised value of the home.

Although the HPPI indicates that appraisals, on average, consistently exceeded homeowners’ estimates throughout 2014, homeowners’ estimates of home values mostly been on the rise this year and came in 2.0 percent above appraiser estimates in September.

Appraisers’ Valuation

The Quicken Loans study also compared…

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