American homeowners may be overestimating what their home is worth, according to new data.
The research shows appraisals in August were 1.35 percent lower than homeowners expected. There are a couple of reasons this could be happening. First, there has been a lot of attention paid recently to how far prices have risen over the past few years. But, while this is true, it is not necessarily true in every neighborhood, in every city, across the country. So, homeowners who have been hearing that prices are going up, may have a misperception of just how much their home's value has risen. As evidence of this, data shows homeowners in the West thought their homes would appraise for less than what they eventually did, while homeowners in the Midwest were disappointed to find their appraisals didn't meet their expectations. Another possible reason for the misperception is that homeowners are generally attached to their homes.
And, if you've invested time, money, and maintenance into a property, when it comes time to sell or refinance, you're naturally going to – not only hope for the best possible outcome – but expect that everyone else who looks at your house will see it the way you do and value you it just as much. Unfortunately, though, that may not always be the case.
I’m a Real Estate Professional by day, aspiring Tennis Pro by night.
I am originally from London, England however I moved to Westlake Village, CA to start my IT company in 1998. For the last 16 years I have lived in the DFW metroplex with the last 9 years being in Frisco Texas with my three delightful children.
As a professional REALTOR®, my focus is on client satisfaction. My years of business experience have provided me the tools to assist you with nearly every real estate need. Whether it’s finding you a home or helping you get the most out of selling your home I am here to guide you. I offer a unique perspectives on Frisco TX homes & subdivisions.
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