How Long Does a Home Appraisal Take?
Uncover the real duration of a home appraisal process, from inspection to report, and the variables that impact its completion.
A home appraisal provides an unbiased professional opinion of a property’s market value. This process is an important step in various real estate transactions, including purchases, sales, and refinances. Lenders rely on appraisals to confirm the property’s value supports the loan amount, protecting their investment. Understanding the typical timeframes involved in an appraisal can help manage expectations during these financial endeavors.
Duration of the On-Site Appraisal Visit
The physical inspection of a property by an appraiser typically lasts between 30 minutes and two hours, depending on the property’s size and complexity. During this time, the appraiser examines the home’s interior and exterior. They measure the structure, take photographs of rooms and features, and note the overall condition.
The appraiser assesses features like the number of bedrooms and bathrooms, the quality of finishes, and any upgrades or defects. They document the property’s layout and amenities, such as garages, decks, or landscaping. This data informs the subsequent analysis of the home’s value. This on-site visit represents only a fraction of the total time required to complete an appraisal.
Time to Receive the Appraisal Report
Following the on-site inspection, the appraiser undertakes off-site work to compile the appraisal report. This analytical phase is more time-consuming than the physical visit. The typical turnaround time for receiving the appraisal report after the inspection ranges from a few business days to approximately two weeks.
During this period, the appraiser researches comparable sales in the local market. They analyze recent sales data, considering factors like location, size, age, and condition to make adjustments for differences between the subject property and comparables. The appraiser then synthesizes gathered information, including market trends, into a comprehensive report. The report undergoes internal review and quality control before delivery to the client, usually the lender.
Factors Influencing Appraisal Timelines
Several factors can impact the timeline from ordering an appraisal to receiving the final report. Appraiser availability and their current workload are considerations; during peak real estate activity, appraisers may have longer backlogs. The property’s complexity plays a role, as unique or large homes may require more time for assessment and for locating comparable sales data.
Market conditions can influence the timeline, with fast-moving markets potentially requiring more frequent data updates, while slow markets might have limited recent comparable sales. Gaining timely access to the property for the inspection is another factor that can cause delays if scheduling conflicts arise. The prompt provision of necessary documentation, such as blueprints or homeowner association information, can expedite the process.
The internal processes of an appraisal management company (AMC), including review and communication protocols, can add to the timeline. The property’s location can affect report delivery, as rural areas might have fewer available appraisers or less readily accessible comparable data compared to urban centers. These factors contribute to the variability in appraisal completion times.