Home Prices Rising! Appraisers say WHOA!

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Each month, Quicken Loans releases their national Home Price Perception Index (HPPI). This month’s report revealed that the difference in appraiser home value opinions as compared to homeowner estimates is continuing to increase. Chief Economist Bob Walters explains:

“Many homeowners around the country are seeing the national headlines about home value increases and they are optimistic about their equity increasing. While some areas are seeing the same level of home appreciation, or even more, there are also some areas that have slower home value increases. This can lead to homeowners and appraisers not quite seeing eye-to-eye.”

Here is a chart showing the increasing difference in opinions:Appraisals | Keeping Current Matters Though reports of home price increases have garnered many headlines over the last six months, most experts expect residential real estate values to start showing more historic levels of appreciation over the next five years. Walters addressed this issue:

“A slowing of home value increases adds to the misunderstanding of local home values. Appraisers are viewing the housing industry every day; they know when home values growth may be slowing. Homeowners may think values are still skyrocketing, when they have instead returned to more healthy appreciation in their area.”

Bottom Line

When pricing your home, you should have a real estate professional help you fully understand where prices are and where they are headed in the future.

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About The Panos Team

Since 2003, Mike and Tammi have made Las Vegas their home where they have become successful agents in a highly competitive market. Our enthusiasm, integrity, diligence, work ethic and negotiation skills have well served our Buyer and Seller clients in all residential arenas including single family homes, condos, townhomes and highrise. We specialize in short sales as well as Bank Owned (REO) properties and traditional home sales. Our goal is not to be the #1 agents in Las Vegas...our goal is to be YOUR #1 agents in Las Vegas! As Las Vegas residents, we appreciate what a great place this is to raise a family, spend quality time with friends and loved ones and just simply enjoy life. We consider it a privilege to be able to help others achieve their investment goals when it comes to living in Las Vegas. We value family time, enjoy camping and riding quads, we are active in our church. We also enjoy bowling, eating ice cream, participating in our annual family talent show and just simply relaxing.
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