How Long Does a Real Estate Evaluation Take?
Real estate evaluations, also called property appraisals, are essential processes for everything from selling or buying a property to refinancing a mortgage. The length of time it takes to get an appraisal can vary, though it’s usually somewhere between one and three hours for the actual valuation and a week or two for all the paperwork to get done. There are several important factors that go into the timeline.
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Purpose of a Real Estate Evaluation
Real estate appraisals provide an objective assessment of a property’s current market value. Appraisers use a combination of on-site inspections, market data, and research to derive this value.
Why Is an Evaluation Required?
Selling or Buying a Home
Before finalizing a property deal, both sellers and buyers typically have in interest in ensuring that the property’s price aligns with its current market value.
Refinancing
When homeowners look to refinance their mortgage, lenders need an updated property value to determine loan amounts.
Estate Planning
Evaluations help in assessing the value of estates for inheritance or tax-related purposes.
Factors Influencing Real Estate Evaluation
Size and Complexity of the Property
Generally, larger properties or those with intricate designs might take longer to evaluate than smaller, simpler homes. For example, a single-family residence will usually only require a couple of hours for on-site inspection, while a large estate or commercial property could take several hours or even multiple visits.
Market Activity
In hot real estate markets where transactions are frequent, recent comparable sales data is more readily available. This can expedite the research phase of the appraisal. Conversely, in slower markets or for unique properties with fewer comparables, the research might extend the evaluation process.
Accessibility
The availability and flexibility of the homeowner, tenant, or property manager can influence things, too. Delays in scheduling the on-site visit or in allowing access to certain parts of the property can extend this timeframe.
External Factors
Sometimes, factors entirely beyond the appraiser’s control, such as inclement weather or unforeseen property conditions, can cause delays. For instance, heavy rain might make it challenging to assess a property’s exterior, or unplanned repair work might obstruct parts of the property.
Typical Timeline for a Real Estate Appraisal
Initial Contact (1-2 days)
After being commissioned, the appraiser will typically contact the property owner or representative to schedule an inspection. This timeframe largely depends on both parties’ availability. If you’re working with an experienced and established local appraisal company like North Sound Valuation, you can expect very quick contact.
On-Site Inspection (1-3 hours)
For an average-sized home, the appraiser will spend around 1–3 hours inspecting the property. They’ll look at the home’s interior and exterior, assessing its condition, features, and size.
Research and Data Compilation (2-5 days)
Once the inspection is completed, the appraiser does market research. They’ll gather data on recent sales of comparable properties, assess local market trends, and consider any unique features or issues related to the property in question.
Report Completion (2-5 days)
After collecting all necessary data, the appraiser will compile and finalize the evaluation report. This document will provide detailed findings and conclude with the property’s appraised value.
The complete process for a real estate appraisal typically ranges from several days to a couple of weeks, with the average at around 5 to 10 days in most cases. Several factors can influence this timeline, but working with a quality local appraisal company can speed up the process.
