The average single-family home in the United States is worth $374,900 right now.
The property market has steadily been making gains over the last few decades. This has resulted in the average home increasing in value by around 416% since 1980. This further emphasizes what a great investment property is.
If you’re buying or selling property, chances are you’re going to need to get the property appraised. However, you may be wondering, “How long does an appraisal take to get back?” These inspections may be conducted in a day but can take a few days or weeks to get back to you.
Have you ever asked yourself, “How long do appraisals take?” You’ve found the right blog. Read on for everything you need to know about appraisals, how long they take, and how to get the most out of one.
What Is an Appraisal?
An appraisal is a specific process done to determine the accurate market value of your home. These processes are generally conducted by a real estate professional that comes to your home for a physical inspection. These professionals will walk throughout your home and take notes of any defects and issues that may be present.
They may also decide to test appliances, plumbing, and your electrical supply to make sure everything is in order. These factors are all noted and taken into consideration when finalizing the value of your home.
The most important variable to consider is how the rest of the market is priced. This means that the same home can be valued differently depending on what area the home is in.
This is why a one-bedroom apartment in New Jersey is always more affordable than the same apartment in New York City. Appraisers have a good understanding of the market and are able to accurately value your home in it.
Why Are Appraisals Important?
When putting your home on the market, the most important piece of information is the price. While many people are looking for specific homes in specific places, their budgets are often the most important consideration.
This means that accurately pricing your home can help you find the right buyer while also getting the most for your home. Although everyone wants to get the highest possible price for their home, pricing your home too high can scare off potential buyers.
When buyers think your home is not worth the amount of money you’re asking for it, they are often reluctant to even place an offer. This means that it will be much harder for you to find a buyer and finalize the sale of your property.
An appraisal will give you an accurate idea of how much your home is worth. This allows you to list your home accurately so that the right buyers can interact with your listing. Although appraisals are an added cost, they are very much worth it.
What Does an Appraisal Look At?
Appraisals look at both the outside and inside of your home. They will start at the curb to evaluate your curb value and façade. Once this is done, the inspector will inspect the interior of the home. This includes the doors, hinges, flooring, lighting, electrical wiring, and fixed appliances.
The inspector will then test the plumbing and inspect the exterior walls. Larger issues are also checked such as drainage and dampness. The roof is usually skipped but some thorough inspections will check the insulation as well.
How Long Does an Appraisal Take?
Appraisals usually start from the outside and work their way inside. In most cases, the inspector will ask you a few questions about the house to get a good understanding of the property. These chats are generally quite short, leading to a total inspection time of around an hour.
This is entirely dependent on the size of your property. A one-bedroom apartment may take 15 minutes to inspect while a five-bedroom home will take a few hours.
How Long Does It Take To Get an Appraisal Back?
The appraisal occurs in two parts. The first part is when an inspector visits your property to look for any defects or issues that may be there. This inspection can last anywhere from 30 minutes to a few hours depending on how big your home is.
The second part of the process is when the inspector will take their notes and do research on the current market value of your home. They consider the location of your home along with the unique features and issues that your home may have.
This research process can last anywhere from a few days to a few weeks depending on what agency you use. This is why it can be beneficial to use smart valuation calculators to provide you with an accurate appraisal in just a few minutes.
These impressive online tools can save you tons of time and are completely free. To find your home’s estimated value, click here.
How Long Does an Appraisal Take on a House?
When it comes to appraisals, different sized properties can take longer than others. Condos and apartment buildings are usually quick, with single-family and multi-family homes taking significantly more time. In most cases, you’ll hear back from the inspector within a few weeks.
How To Boost Your Home’s Appraisal Value
If you’re planning to sell your home, you’re going to want to get the most out of the sale. While there are many ways to increase your property value, here are a few of the easiest ways.
1. Essential Repairs
The first thing inspectors look for are repairs. Even the smallest of repairs reflect badly on your home as they indicate repairs that the new owners have to account for. These costs are generally added together and deducted from the standalone value of the home.
This is why it’s so important to do essential repairs before the appraiser arrives. This includes fixing cracked tiles, replacing broken doors, and even patching up the drywall. While the physical repairs are very obvious, electrical and plumbing issues are just as important.
Before your appraiser comes over, it’s helpful to call your electrician and plumber to make sure everything is in order. Any leaky taps or flickering lights should be sorted out before they arrive. This gives you the best chance of getting an accurate and favorable appraisal of your home.
2. Improve Curb Appeal
Curb appeal is one of the most important factors that contribute to a home’s value. Curb appeal refers to the entrance and exterior of the home as it’s seen from the street. To help improve your home’s value, consider giving your home a fresh coat of paint.
In addition to touching up the façade of the house, keep the front yard as minimal as possible. Clear the driveway and pathways so that it’s all safe and looking great for the inspector.
3. Go Green
Homes that have green solutions are often more valuable than homes without. This is because solar panels and solar lights can drastically decrease your monthly energy bills. New homeowners are aware of this and would pay the extra money to save on maintenance costs in the future.
This justifies investing in your property by installing solar panels or other green energy solutions. These can be considered investments into the property as they futureproof the home as well.
4. Spring Clean Your Home
When the appraiser comes to inspect your home, be sure to clean up before they arrive. Inspectors can be extremely thorough at times, so it’s best to do a deep clean. This can also help you spot small repairs that you can quickly repair before the inspection.
Keeping your home clean helps make the entire space look more formal and professional. This directly increases its perceived value.
5. Modernize Your Interior
When it comes to the interior of your home, it’s best to keep things simple and modern. Investing in modern interior design can help futureproof your home and also reduce your monthly utility bills. While solar panels can help supplement your electricity usage, modern appliances can reduce your energy usage entirely.
Consider replacing your appliances with modern, energy-efficient models as soon as you can. Additionally, consider replacing all your interior lights with LEDs. Despite being more expensive, LEDs require far less energy to light up your home. They also produce less heat, allowing for a more efficient system.
6. Document The Upgrades You Have Made
When the appraiser is looking through your home, don’t be shy to talk to them. Feel free to point out any repairs you have made and even tell them how much they cost you. This can give them a good indication of how well you took care of the property. This can help them understand that the home is in good condition.
When doing upgrades, it’s beneficial to keep a list of them on hand. In some cases, the appraiser may want to take note of them to add to the value of your home.
7. Keep Your Backyard Tidy
The backyard is often forgotten when tidying up your home for the inspection. By the time you remember, it may be too late since the backyard is often a much bigger clean-up. This is why it’s so important to keep your backyard organized and neat throughout the year.
If you’re investing in a property to sell, utilizing the backyard is a great way to increase the value of the property. If you have the space, consider building an accessory dwelling unit. This can be used as a guest house or even as an additional investment property. Due to the income potential of having an ADU on the property, your home’s value is bound to skyrocket.
8. Replace Air Filters
Air quality is incredibly important. Before the inspector arrives, be sure to replace all the air filters in and around your home. This will purify and keep the home full of fresh, clean air. To keep your home safe and clean, you should replace your HVAC filters every few months. These filters are very efficient and can get dirty very quickly.
9. Consider Installing Smart Home Devices
Just like installing green solutions, installing smart home devices can help futureproof your home. Smart home devices such as cameras, speakers, and automatic curtains are some of the most useful to install. These additions can be expensive but will positively increase the value of your home.
10. Keep Things Organized and Decluttered
In addition to keeping your home clean, you should keep things organized and decluttered. When your space is cluttered and full of things, it can quickly feel small and cramped. These feelings are generally not very pleasant, leading to lower home appraisal values.
The best way to keep things organized is to allocate a space for every item you have. This way, you’ll know exactly when something is out of place.
Get Your Home Appraised Today!
If you’re thinking about selling your home, you’ll need your home appraised. Simply put, this is the professional valuation of your property’s worth in the market today. If you’re wondering, “How long does an appraisal take?” The answer is usually within a few weeks.
If you have any questions or want to learn more about how to sell your home fast, feel free to look through some of our other helpful resources. To help you get a good idea of how much your home is worth, you can use our free home value estimator here.