Home owners and appraisers have differing opinions when it comes to home values. The latest Quicken Loans National Home Price Perception Index shows that the average appraisal was 1.69 percent lower than home owners’ estimated value.

The gap between home owner and appraiser values has been narrowing since June, when appraisals were 1.93 percent lower than home owners’ expectations.

However, home owners in the West may not realize they have as much equity in their homes as they do. Appraised values climbed higher than home owners’ price estimates in cities like Denver; San Jose, Calif.; and San Francisco, by 3.1 percent, 2.52 percent, and 2.36 percent, respectively.

“One of the most important things for consumers to take away from the HPPI is just how regionalized housing truly is,” says Quicken Loans Chief Economist Bob Walters. “While those on the West Coast are being surprised by their high appraisals, home owners in the Northeast and Midwest are more likely to be shocked by their low values. If home owners keep an eye on local home sales, they can be better aware of their current home value and not be shocked when they go to sell or refinance."