Dive Brief:
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Homeowners and appraisers are almost in agreement about how much existing homes are worth on the market, according to mortgage lender Quicken Loans.
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This is the closest those opinions have been in more than a year, which indicates that homeowners better understand the accurate value of their homes, based on their local housing markets.
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The survey also showed that home values increased by 1.94% in January over December. Prices are 5.63% higher than they were in January 2014, the survey said.
Dive Insight:
Homeowners who understand what their homes are worth are more likely to list them for sale now rather than waiting for a big housing bubble that will reap them outsized profits.
That could be good news for homebuilders. Many baby boomer homeowners—who would like to sell their existing abodes and buy new ones that are smaller, lower-maintenance, in nicer communities, or closer to a city or to family—have been reluctant to plant for-sale signs in their yards because they’re waiting for prices in their neighborhoods to skyrocket.