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Owners and Appraisers Closer to Seeing Eye-to-Eye on Home Value Than at Any Time in the Past Two Years
• Quicken Loans' National HPPI shows appraised values 0.50% lower than homeowners estimated in December
• Home values rose 0.65% nationally in December, with a 6.17% year-over-year increase, according to the Quicken Loans HVI
DETROIT, January 9, 2018 – The views of homeowners, and those who appraise their properties, are continuing to move closer together. Home appraisals were an average of 0.5 percent lower than what owners expected in December, according to the National Quicken Loans Home Price Perception Index (HPPI). These two data points have moved closer together since November, when appraised values were 0.67 percent lower than homeowners' estimates, and far improved from one year ago when there was a full 1 percent difference in valuation.
Increasing equity continues to be another source of good news for homeowners. The National Quicken Loans Home Value Index (HVI) reported the average appraisal value climbed 0.65 percent higher from November to December, and jolted ahead 6.17 percent compared to the previous December.
Home Price Perception Index (HPPI)
Appraisals in December were an average of 0.5 percent lower than what homeowners estimated at the beginning of the mortgage process. Although the average appraisal continues to lag homeowner estimates, the gap between the two numbers was narrower in December than it has been since March 2015. The current narrowing trend is in its seventh-straight month. While perceptions vary between metro areas, they are improving at the metro level. A negative value, which indicates that appraiser opinions are lower than homeowner perceptions, was only indicated in a quarter of metro areas measured by the HPPI.
"Appraisers and real estate professionals evaluate their local housing markets daily. Homeowners, on the other hand, may only think about their housing market when they see 'for sale' signs hit front yards in the spring or when they think about accessing their equity," said Bill Banfield, Quicken Loans Executive Vice President of Capital Markets. "This is reflected in the HPPI. The housing markets that are rising quickly, like those in the West, are having appraisal values increasing above owner estimates because owners don't realize just how quickly those markets are advancing."
Home Value Index (HVI)
The HVI, the only measure of home value change based solely on appraisal data, showed promising growth. Values rose 0.5 percent from November to December, and 2017 ended on a strong note with the HVI rising 6.54 percent from January to December. The Northeast is the only region to show a monthly dip in value, but all regions reported annual growth – topping out with a 7.42 percent jump in the West.
"Homeowners received the gift of added equity this holiday season," said Banfield. "With several years of growth, owners may have more equity than they realize. Many consumers use the tax season at the beginning of the year to reevaluate their entire financial life. It also provides a good opportunity for them to consider how best to take advantage of their equity while mortgage interest rates and borrowing costs are still near record lows."
About the HPPI & HVI
The Quicken Loans HPPI represents the difference between appraisers' and homeowners' opinions of home values. The index compares the estimate that the homeowner supplies on a refinance mortgage application to the appraisal that is performed later in the mortgage process. This is an unprecedented report that gives a never-before-seen analysis of how homeowners are viewing the housing market. The HPPI national composite is determined by analyzing appraisal and homeowner estimates throughout the entire country, including data points from both inside and outside the metro areas specifically called out in the above report.
The Quicken Loans HVI is the only view of home value trends based solely on appraisal data from home purchases and mortgage refinances. This produces a wide data set and is focused on appraisals, one of the most important pieces of information to the mortgage process.
The HPPI and HVI are released on the second Tuesday of every month. Both of the reports are created with Quicken Loans' propriety mortgage data from the 50-state lenders' mortgage activity across all 3,000+ counties. The indexes are examined nationally, in four geographic regions and the HPPI is reported for 27 major metropolitan areas. All indexes, along with downloadable tables and graphs can be found at QuickenLoans.com/Indexes.
About Quicken Loans
Detroit-based Quicken Loans Inc. is the nation's second largest retail home mortgage lender. The company closed more than $400 billion of mortgage volume across all 50 states from 2013 through 2017. Quicken Loans moved its headquarters to downtown Detroit in 2010, and now more than 17,000 team members from Quicken Loans and its Family of Companies work in the city's urban core. The company generates loan production from web centers located in Detroit, Cleveland and Scottsdale, Arizona. The company also operates a centralized loan processing facility in Detroit, as well as its San Diego-based One Reverse Mortgage unit.
Quicken Loans ranked "Highest in Customer Satisfaction for Primary Mortgage Origination" in the United States by J.D. Power for the past eight consecutive years, 2010 – 2017, and highest in customer satisfaction among all mortgage servicers the past four years, 2014 – 2017.
Quicken Loans was ranked No. 10 on FORTUNE magazine's annual "100 Best Companies to Work For" list in 2017, and has been among the top 30 companies for the past 14 consecutive years. The company has been recognized as one of Computerworld magazine's "100 Best Places to Work in IT" the past 13 years, ranking No. 1 for eight of the past 12 years, including 2017. The company is a wholly-owned subsidiary of Rock Holdings, Inc., the parent company of several FinTech and related businesses. Quicken Loans is also the flagship business of Dan Gilbert's Family of Companies comprising nearly 100 affiliated businesses spanning multiple industries. For more information and company news visit QuickenLoans.com/press-room.
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