The process of buying a home is a marathon. From preapproval for a home mortgage and finding your dream home to negotiating an agreeable sale price and successfully maneuvering through the home inspection process, the steps can seem never-ending. But you’re almost home.
One crucial step is the home appraisal, which you’ll need to determine the house’s value. Although appraisals can be time-consuming, they’re an important part of the homebuying process. If you’re a first-time homebuyer, you might not realize how long they take until you’re in the thick of it.
So whether you’re looking for a home in Houston or you’re in the process of buying a house in Boston, here’s a Redfin breakdown of everything you need to know about how long a home appraisal takes and why they’re so important.
In this article
What is an appraisal?
How long does a home appraisal take?
Who orders the appraisal?
What happens during an appraisal?
What can delay an appraisal?
Possible appraisal outcomes
Bottom line
FAQs
What is an appraisal, and why do I need one?
A home appraisal is an unbiased estimate of your home’s value performed by a licensed real estate appraiser. Here’s why you might need one:
- Your mortgage lender will likely need an appraisal. By providing an estimate of the fair market value of your home, an appraisal assures the lender they aren’t lending more money for a property than it’s worth.
- An appraisal also protects you by proving you aren’t paying more for the home than you should.
How long does a home appraisal take?
A typical home appraisal involves two parts: the on-site visit and the time it takes to complete the report.
- The visit itself usually takes roughly 30 minutes for a standard single-family home. If the property is large, unusual, or has unique features, it might take up to 1–2 hours. During this time, the appraiser walks through the home, takes measurements and photos, and notes its condition.
- The full appraisal process—from scheduling the appointment to receiving the final report—can take a few days to as long as three weeks. This depends on the appraiser’s schedule, the complexity of the report, and the time of year. During busy seasons, like spring and summer, longer wait times are common.
- FHA and VA loans can take an extra 1-2 weeks to account for finding a qualified appraiser, more detailed reports, and any required repairs.
To help the process go smoothly, make sure your home is clean and accessible, and any small repairs are taken care of before the visit.
Who orders the appraisal and when?
Your mortgage company or lender usually orders the appraisal once the home inspection is complete and repair negotiations have been finalized.
The buyer pays for the appraisal. The home appraisal cost averages $500, but can cost anywhere between $200 – $2,000 depending on the property’s size and complexity. It may be more expensive for larger or more intricate properties. The home inspection cost is separate from the appraisal.
Should you walk around with the appraiser?
The buyer usually isn’t there on the day of the appraisal. The seller can be present, but their real estate agent usually steps in for them. That way, the agent can answer any questions that come up while the appraiser is inspecting the property.
If you’re refinancing, the homeowner can typically be present during the appraisal visit.
Once the appraisal process is complete, you’ll be ready to move forward with a title company and close on your new home.
What happens during an appraisal?
During the home appraisal process, an appraiser visits the home and evaluates its condition. They’ll take time to examine the home exterior and lot, then come inside to look at the interior. Unlike a home inspector, the appraiser isn’t there to look for problems—they’re focused on assessing value based on the property’s condition, features, and how it compares to recently sold homes nearby.
They gather all the information they need to complete a Uniform Residential Appraisal Report (URAR) – a standardized form used in most home loan transactions. This includes photos, measurements, and notes on the home’s condition and features.
What can delay a home appraisal?
Waiting for your appraisal report can be nerve-wracking, especially when it takes longer than expected. This can happen for a couple of reasons:
- Large homes or rural properties can give appraisers more things to consider during their evaluation. In some cases, you may need to wait for an appraiser who’s qualified to assess that specific property.
- Sometimes an appraiser is busy finishing other projects, so it takes them longer to complete your appraisal. There can also be work shortages in certain areas due to high demand or a lack of qualified appraisers.
- After the appraisal visit, the appraiser might need more time to take into account additional features or upgrades, or the lender might request revisions before approving the final report.
- If the appraisal comes in low, satisfying the appraisal gap or challenging the valuation can take additional time that might push out the closing date.
Any of these scenarios can affect the final appraisal timeline.
3 possible outcomes of a home appraisal
When the appraisal comes back, the home’s value will be lower than, higher than, or equal to the agreed-upon purchase price. Each outcome affects the deal a little differently.
1. The appraisal comes in low
Say you agree to pay $450,000, but the appraisal values the home at $440,000. That $10,000 gap can cause financing issues since lenders won’t loan more than the home is worth. At that point, you have a few options:
- Request an appraisal review to check for errors (but reversals are rare).
- Pay the difference out of pocket to bridge the gap. Some closing costs may be tax-deductible.
- Ask the seller to lower the price to match the appraised value.
- Negotiate a compromise, such as splitting the difference.
- Walk away if you have an appraisal contingency and can’t reach an agreement.
2. The appraisal comes in high
This is the best-case scenario. If the home appraises at $460,000 on a $450,000 purchase price, you’re starting with $10,000 in equity before your first payment. The seller can’t raise the price based on the appraisal, so the deal moves forward as planned.
3. The appraisal matches the purchase price
This is the simplest outcome. The lender proceeds with the loan, no renegotiation is needed, and everyone stays on track for closing.
Bottom line
The appraisal visit itself usually isn’t what slows down the closing timeline. Scheduling, market demand, reporting, and lender review are what tend to take the most time. The best way to avoid appraisal delays is to order it as early as possible, keep the property accessible, and be ready to respond quickly if the lender requests documentation or repairs.
FAQs about appraisal timelines
How long does it take to get an appraisal scheduled?
You can usually get an appraisal scheduled within a day or two of it being ordered. Like other parts of the homebuying process, workforce shortages and the appraiser’s workload could affect availability.
How long do appraisals usually take to come back?
After the appraiser visits, the written report can be reasonably expected within 3–10 business days, depending on the appraiser’s workload and how easy it is to find comparable sales. In busier times, reports can take longer because appraisers have fuller schedules. Unique homes or rural properties can also slow things down, since they require more research and adjustments.
How long does it take to close after the appraisal is done?
A lot of buyers, especially those using conventional financing, can expect closing to take about 1–2 weeks after the appraisal is complete—assuming the home appraises at value and the lender doesn’t require repairs. After the appraisal, the loan still needs to clear underwriting, final income checks, and closing disclosures. If the appraisal comes in low or with conditions, closing can take longer.
Can an appraisal be rushed?
Some lenders offer a rush appraisal for an added fee, but it’s not a guarantee of it coming back before the closing date—it depends on whether an appraiser is available to prioritize the report. The best way to avoid delays is ordering early and making sure the home is easy to access, with upgrades and documentation ready. If delays happen, make sure to communicate with your lender.
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