How Long Does a Home Appraisal Take?
Understand the true duration of a home appraisal. Learn about the process, influencing factors, and how to potentially streamline your timeline.
A home appraisal provides an unbiased estimate of a property’s market value. This valuation is a standard and often required step in real estate transactions, assuring mortgage lenders their loan does not exceed the property’s worth. It also helps buyers avoid overpaying and sellers validate their home’s value in the current market.
Typical Appraisal Timelines
The entire home appraisal process usually takes a few days to three weeks. During busy periods, it can extend to a month.
The process begins with the appraisal order and scheduling, which typically takes one to seven days after an offer is accepted. The appraiser then conducts an on-site inspection. This inspection typically lasts 30 minutes to two hours for a standard home, but longer for complex properties.
Following the on-site visit, the appraiser compiles the appraisal report. This phase, including market analysis and comparable sales data review, generally takes two to ten business days. After submission, the lender’s review can add five to ten business days before final approval.
Influences on Appraisal Duration
Several factors impact appraisal duration. Appraiser availability and workload are key; high demand or a shortage of qualified appraisers can cause scheduling delays, especially during peak real estate seasons.
Property complexity and unique characteristics also affect duration. A larger, unusually designed, or specialized home requires more evaluation and research, extending inspection and report writing time. Rural properties may also take longer due to fewer local appraisers and scarce comparable sales data.
The availability of relevant comparable sales data is also a factor. If an appraiser struggles to find recent, similar comparable sales, more time is spent searching, potentially in different communities. AMC or lender review process efficiency also affects the timeline. Internal delays or requests for additional information from loan underwriters can prolong the process.
Current market conditions also impact appraisal speed. In a fast-paced market, increased caseloads lead to longer turnaround times. Slower markets may see quicker appraisals due to reduced demand. Specific loan types, such as FHA or VA loans, can also add to the timeline due to additional requirements.
What You Can Do to Help
While some aspects of the appraisal process are outside of your control, proactive steps can help facilitate a smoother and quicker experience. Ensure easy access to the property for the appraiser; clear pathways and unlocked gates prevent unnecessary delays during the on-site inspection. Secure pets to contribute to an efficient visit.
Prepare the property by tidying and decluttering, which makes the appraiser’s job easier. Addressing minor repairs, such as leaky faucets or broken light fixtures, shows the home is well-maintained. A clean, organized environment allows the appraiser to clearly observe the home’s condition and features.
Gathering and providing relevant documentation assists their valuation. Include a list of recent home improvements or major repairs, with dates and costs. Copies of surveys, property tax records, or blueprints also offer valuable information regarding the property’s history, permits, and specifications.
Maintain clear communication with the appraiser or scheduling contact to ensure prompt appointments and efficient question resolution. Communicate unique features or specific historical details to aid research and report compilation. This helps the appraiser gather necessary information, streamlining the process.