Appraisers value Seattle homes higher than the owners

Appraisers placed a higher value on Seattle-area homes than the homeowners, according to the February Home Price Perception Index (HPPI) produced by Quicken Loans.

HPPI represents the difference between appraisers’ and homeowners’ opinions of home values. The index compares the estimate that the homeowner supplies on the mortgage application to the appraisal that is performed later in the mortgage process.

For example, a Puget Sound home guessed to be worth $352,000 by the homeowner was valued at $363,102 by an appraiser. That 2.87 percent difference held true for homes throughout the Seattle area, according to the Quicken study.

Nationally, appraisers valued homes 0.13 percent lower than homeowners estimated in February. This is the first time appraiser opinions fell below homeowner estimates since August 2013.