Appraisal Perception

Homeowner perceptions about 0.5 percent lower than appraisals

Homeowners continued to have a fairly reliable idea of the value of their property in October, according to the most recent update of the retail mortgage lender Quicken Loans' National Home Price Perception Index. Home values stayed relatively unchanged from the previous month, but showed strong annual gains.

The average appraisal fell 0.45 percent below a homeowner's estimate, down from 0.49 percent in September and the third straight month where estimates grew closer to appraisals. However, it increased from a gap of 0.28 percent in October 2018.

This trend showed little variation across the United States. The average appraisal was 0.52 percent less than expected in the Midwest, 0.47 percent lower in the South, 0.4 percent lower in the Northeast, and 0.39 percent lower in the West.

Quicken Loans also regularly looks at value perceptions in 27 major metropolitan areas. Appraisals were less than expected in 14 cities and greater than expected in 13 cities. The average appraisal was 1.4 percent more than expected in Charlotte, N.C.; 1.37 percent higher in Boston; and 0.75 percent higher in Minneapolis. It was 1.64 percent below expectations in Chicago, 1.28 percent lower in Philadelphia, and 1.19 percent lower in Cleveland.

"With such a small difference between appraised values and estimated values, homeowners are less likely to run into snags in the mortgage process when refinancing or buying a new home," said Bill Banfield, executive vice president of capital markets for Quicken Loans.

Quicken Loans' Home Value Index stood at 117.53 in October, inching down 0.04 percent from September but a year-over-year increase of 7.07 percent. A figure of 100 indicates values equal to those in January 2005.

The Northeast was the only region with some monthly growth in values, with its index of 107.58 representing an increase of 0.08 percent from September. This was also up 5.11 percent on an annual basis.

In the West, the index fell 0.75 percent from the previous month but grew 6.07 percent from the previous year to 142.67. The Midwest had an index of 95.84, down 0.64 percent from September but up 5.6 percent from October 2018. The index of 115.89 in the South represented a monthly decrease of 0.16 percent but an annual gain of 3.77 percent.

"The leveling off we saw in October is actually a welcome sign, especially to firsttime homebuyers who are focused on affordability," said Banfield. "An ideal economic equilibrium would be steadily increasing home values that keep pace with inflation and wage growth. This year's lower interest rates and the moderating level of home prices has improved affordability despite a low supply of homes for sale."

Quicken Loans' Home Price Perception Index is based on a national database of refinance mortgages, where a homeowner estimates the value of their residence and an appraised value is determined later in the process. The Home Value Index is based on both refinance and purchase mortgages.

28 Waterhole Rd: Cherico, Linda H & Cherico, Edward R to Alfieri, Shayleen, $231,000. 145 Mill Hill Rd: Belisle, Michael B to Slossberg, Stefan & Lemieux, Mikaela, $247,000. 456 Parum Rd: Murphy, Theresa C to Larson, Kirsten T & Burdick, Christopher D, $290,000. 25 Jurach Rd: Gueutal, Gregory & Darzycki, Ella to Hustus, Kristin & Hustus, Richard, $356,500. 110 Mill Hill Rd: Boerenko, Adam & Boerenko, Ivelisse to Meucci, Lisa M, $370,000. 109 Westchester Rd: Hebron Land Dev LLC to Roy, Steven, $180,000.

GRISWOLD

7 Juniper Ln: Danieluk, Matthew T & Danieluk, Ana A to Abrahamson, Amanda, $187,000. 291 Roode Rd: Minta, Christine to Dehler, Ryan, $100,000. 35 Railroad Ave: Piscezek John M Est & Piscezek, Gregory to Gerovitz, Randy, $57,578. 521 Roode Rd: Colsen, Steven E & Colsen, Joanne L to Reichard, Stephanie M, $399,000.

GROTON

37 Boardsen Rd: Vece, Tara J to Gaal, Joshua & Mcguffey, Megan, $252,500. 298 Meridian St #K: Morehouse, Mark V to Collins, Keivonna, $99,000. 38 Nicholas Ave: Helen A Strazza LT & Strazza, Helen A to Collins, Ian C, $95,350. 38 Nicholas Ave: Strazza, Helene S to Collins, Ian C, $95,350. 19 Soundview Rd: Gunther Robin G Est & Hotkowski, Susan G to Wille, Keith & Midgette, Allie, $210,000. 182 Jupiter Point Rd: Dorazio, Lillian to Berry, Ryan R & Berry, Emily, $385,000. 1 Saint Paul Ct: Navy FCU to BunayCabrera, Angel A, $84,000. 29 Birmingham Ct: Warner, Bradley J to Gaudet, Kyle E & Maxson, Trista A, $189,000. 108 Somersett Dr: Healey, Paul J & Healey, Joyce A to Cote, John A, $284,000. 10 Dartmouth Dr: Bank New York Mellon Tr to Legnos, John P, $148,000. 275 Noank Rd: Matola, Francisca E to Bied, Deborah F & Bied, Paul J, $405,000. 12 Ashby St: Mcdonough, June M to Dunigan, James F & Mitchell, Ali E, $260,000. 64 Mariners Ln: Machado, Anil P to

34 Chapman Ln: Branch, Richard A & Branch, Sherry J to Johnson, Michael & Johnson, Michael A, $304,000. 4 Flat Brook Ct: Green Falls Associates to Loveall, Jason M, $188,560. 3 Oakridge Dr: Pilny, Michael L & Pilny, Angela M to Harper, Matthew D & Harper, Caroline E, $269,900. 8 Queen Eleanor Dr: Deutsche Bank Natl T Co to Beason, Deidre, $206,578. 13 Highview Ter: Dorgan, Marilyn & Gebhard, Diane to Palmer, Michael J, $185,000. 5 Old Fort Ln: Bank Of America NA to Salahi, Nader, $120,000. 974 Long Cove Rd: Malerba Holdings LLC to Brown, Mark H & Brown, Melissa, $221,543.

LYME

196 Blood St: Maguire, Mary to Fisher, Diane, $225,000. 213 Grassy Hill Rd: Michael Riggio LT & Riggio, Michael to Weaver, Cathy & Weaver, Robert, $198,000. N/A: Tiffany, David to Hurtle, William & Tiffany, Jennifer, $100,000.

MONTVILLE

646 Old Colchester Rd: Tripp Kevin D Est & Tripp, Jeffrey D to Apanashk, David, $200,000. 26 Morgan St: Piscezek John M Jr Est & Piscezek, Gregory to Gerovitz, Randy, $63,878. 16 Benway Ct: Piscezek John M Jr Est & Piscezek, Gregory to Gerovitz, Randy, $61,736.

NEW LONDON

83 Mansfield Rd #211: Gervais, Gilbert to Stewart, Corazon, $55,000. 42 Harborview Ave: Duzant FT & Duzant, Cheryl to Mcfarland, Kelly & Mcfarland, Richard, $197,000. Longview St: Aziz, George G & Aziz, Taeim K to Martinez, Yamille & Resto, Danny, $206,000. 778 Ocean Ave: Malerba, Jennifer L to Walton, Zachary D, $372,000. 70 Farmington Ave #4G: S&R Dragonfly LLC & Farmington Arms Condo to Siddiqui, Muhammad U, $36,000. 410 Pequot Ave: Bokoff T & Bokoff, Theresa to Fawcett-Seidel, Bethany R & Seidel, Jeffrey R, $577,000.

129 Orchard St: Spellman, Nicholas T & Spellman, Charles D to Johnson, Zachary A & Spellman, Nicholas T, $130,000. 12 Tower Hill Rd: Margoles, Debra J to Afonso, Kevin E, $220,000. 318-320 W Main St: Sohn, Gary & Sohn, Veronica L to American Realty Group LLC, $148,000. 2-4 Joseph St: A, $160,000. 1421 Old Pond Ln #1421: Gregory, Yona to Jesmonth, Kevin P & Jesmonth, Katherine A, $133,000. 77 Flyers Dr: Srednicki John Est & Mcpartlin, Kathy to Collins, Sherilyn N & Srednicki, John, $135,000. 8 Settlers Dr: Schaefer, Alicia & Choephel, Fnu to Choephel, Fnu & Choedon, Tsering, $147,000. 80 Great Plain Rd: Giel, Anthony M to Duoji, Niumai & Lhamo, Tsering, $163,000. 102 W Town St: American Property Group to Dervil, Ebdouil & Dalexis, Stephnie, $190,900. 617 E Main St: USA HUD to Dalomba, Domingas, $90,000. 75 S 4th Ave: US Bank NA Tr to Valin, John, $67,200. 57 Sunnyside Ave: Gomez Angelina Est & Laroco, Joyce G to Gomez Angelina Est & Yuan, Wanhsi, $120,000. 5 Trading Cove Dr: Bango, Zoltan & Bango, Violet to Jamyang, Lobsang, $200,000. 123 Orchard St: USA HUD to Slopak, Daniel, $65,000. 136 Broad St: Citizens Bank NA to Li, Xiu L, $69,900.

OLD LYME

FNMA to Santos, Flordaliza

55 Buttonball Rd: Mario, $195,000. 33 Mile Creek Rd: Corrao, Robert & Corrao, Jean to Marquez, Brian L & Marquez, Michaela, $310,000. 6-A Short Hills Rd: Jankovich, Joseph &

Parody, Jane to Aresco,

16 Branch Hill Rd: Pendergast, James & Pendergast, Jennifer to Galgano, Carrie, $283,000.

SALEM

16 Alexander Rd #3: J Healy Builders LLC to J Healy Development LLC, $130,000. 585 New London Rd: Wright, Garrett L & Lakeview Loan Servicing to Lakeview Loan Servicing, $138,060.

STERLING

48 Brookstone Dr: Sklarz, Adam & Sklarz, Sheri to Cucino, Rhonda & Cucino, Richard, $296,000. 571 Margaret Henry Rd: Kresser, Richard to Bessette, Christopher & Ledoux, Megan, $146,500.

STONINGTON

22 Parkwood Dr: Cooprider, Kenneth S & Cooprider, Laryssa to Romano, Adam & Romano, Alexandra, $444,000. 85 Boulder Plat Marie Ave: Luzzi, Daniel & Luzzi, Joseph to Schultz, Glen J & Schultz, Colleen M, $252,000. Hinckley Hill Rd: Dourado, M Thomas & Russell-Dourado, Annie to Scanlon, Kevin, $128,500. Flanders Rd: Chambers Susan B Est & Chambers, Austin to Satizabal, Norma, $142,500. Shawondassee Dr: Comolli, Alison C & Comolli, Mark A to Ernst, Nicholas, $225,000.

Property transactions are compiled and reported by The Warren Group, a leading real estate and financial information provider since 1972. If you think something has been reported in error, please call 1-800-356-8805.