What Is a Home Appraisal?

A home appraisal is typically ordered by your lender to ensure the home you're buying is worth the amount you're borrowing. A licensed appraiser conducts an inspection of the property, researches comparable home sales in the area, and considers market trends to determine an accurate value. This protects both the lender and the buyer by making sure the loan amount aligns with the true value of the home.

Types of Appraisals

There are several types of home appraisals, each suited for different situations:

• Full Appraisal (Traditional Appraisal): A complete onsite inspection by a licensed appraiser who evaluates the interior and exterior of the property.
• Drive-By Appraisal: The appraiser only views the exterior of the home and uses public records and comparable sales to determine value.
• Desktop Appraisal: Conducted remotely using data and photos from public records, multiple listing service (MLS) listings, and third-party databases.
• Hybrid Appraisal: Combines elements of desktop and in-person assessments, often using a third-party data collector to gather on-site details.

How Much Does a Home Appraisal Cost?

On average, a home appraisal costs between $300 and $500, though the price can be higher for larger or more complex properties. Some appraisals may cost more depending on the location and urgency of the request.

How Long Does a Home Appraisal Take?

The entire appraisal process typically takes 5 to 10 business days, but several factors can affect the timeline.

First, scheduling the appraisal can take a few days depending on how busy the market is and the availability of licensed appraisers in your area. Once the appraisal is scheduled, the actual inspection may only take a couple of hours, but the appraiser will then spend time researching comparable sales, analyzing market trends, and compiling a detailed report.

In fast-moving real estate markets or rural areas where appraisers are harder to come by, this timeline may stretch out a bit longer. On the other hand, some appraisals can be expedited for an additional fee. If timing is a concern, I always recommend starting the process early and working with someone like me who can help keep things on track.

Why Do You Need a Home Appraisal?

A home appraisal isn’t just a formality—it’s a vital part of the mortgage process for several reasons:

• Loan Approval: Your lender won’t finalize your mortgage until they confirm the home is worth the amount you’re borrowing. The appraisal protects them from lending more than the home’s value.
• Fair Market Value: An appraisal ensures you’re not overpaying for the property. In hot markets, buyers sometimes offer more than asking price to stay competitive, but that doesn’t always mean the home is worth that much. An appraisal helps keep things in perspective.
• Renegotiation Tool: If the appraisal comes in lower than your offer, it can be a powerful negotiating tool. You may be able to ask the seller to lower the price or make up the difference with a larger down payment—knowing your options here can save you thousands.
• Confidence in Your Investment: Whether this is your first home or your forever home, knowing the property's true value gives you peace of mind. It's your money, your loan, and your future—make sure it's grounded in solid numbers.
  

Why Work with Sally Bernard When Buying a Home

When you’re buying a home, experience and guidance make all the difference. As a seasoned mortgage loan officer, I, Sally Bernard, understand every step of the financing process—including how to navigate home appraisals smoothly. I work closely with trusted appraisers, stay on top of your timeline, and ensure you're never left guessing about what comes next.

My goal is to make your mortgage journey clear, stress-free, and successful. Let’s find the perfect home—and the perfect loan—for you.