What Happens During a Home Appraisal?

Are you in the process of buying or selling a home and wondering what happens during a home appraisal? Well, you’re in the right place! 

In this blog post, we’ll walk you through the entire process of a home appraisal, from start to finish. By the end of this post, you’ll have a clear understanding of what to expect during your own home appraisal.

What Is a Home Appraisal?

Before we dive into the details of what happens during an appraisal, let’s first define what it is. A home appraisal is an unbiased assessment of a property’s value conducted by a licensed appraiser. 

The purpose of an appraisal is to determine how much a property is worth based on various factors such as location, condition, size, and comparable sales in the area.

Who Hires the Appraiser?

Typically, it’s the lender who hires an appraiser to conduct an appraisal as part of the mortgage process. This ensures that they are lending money for a property that is worth its sale price. 

But that being said, buyers can also hire their own appraiser if they want an independent assessment. Even sellers can get in the action, as a home appraisal can help them set a more realistic asking price.

What Happens During the Appraisal?

Of course, the exact sequence of events can depend on the appraiser. But during the average home appraisal, the appraiser will visit your property and evaluate various aspects of it, such as its overall condition and any recent renovations or upgrades. They will also measure your property’s square footage and take photos of both the interior and exterior. 

But they don’t just focus on the home itself. They will also research local market data to compare your property with similar homes in your area that have recently sold.

How Long Does an Appraisal Take?

As you can probably imagine, the duration of an appraisal can vary depending on factors such as property size, complexity, and the appraiser themselves. On average though, it takes around 30 minutes to 1 hour for an appraiser to conduct their assessment.

What Happens After the Appraisal?

Once the appraiser has completed their evaluation, they will compile their findings into a detailed report. This report includes an assessment of your property’s value, and how they arrived at this calculation.

And if there are any issues or discrepancies found during the appraisal, the appraiser may request additional information or inspections. Once they’ve gathered all the relevant data, they will present their final report to the hiring party.

The Bottom Line

Now that you know what happens during a home appraisal, you can hopefully feel more confident going into your own. Remember, the goal of an appraisal is to provide an unbiased assessment of your property’s value and ensure that the sale price aligns with its actual worth. By understanding the process, you can rest assured that you’re making informed decisions throughout your home-buying journey. Good luck!

Navigating the home appraisal process can be a lot smoother with an experienced real estate agent on your side. Click here to get in touch with Hawkins/Ryerse Real Estate Group, and speak with one of our experts today.