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4 min read Feb 05, 2024

How Long Does a Home Appraisal Take in 2024?

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Carol Coutinho

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Generally, a home appraisal takes 1 to 3 weeks. For complex appraisals, the period would be over a month. In 2024, there’s a 12.1% gain in home sales compared to 2023. This indicates an incline in home appraisal in the coming years.

However, there has been a 20% drop in the number of qualified appraisers. In addition, the average age of the appraiser is 50, and many are nearing retirement. This means the appraisal will take longer to get to your house to appraise it and then give its report.

🔍3 Key insights for Home appraisal

  • A lender will usually order a home appraisal before they approve a mortgage
  • An appraisal inspection can take anywhere from 30 minutes to a couple of hours.
  • There are various kinds of appraisals, some of which take less time than others.

What Is a Home Appraisal?

A home appraisal is a professional assessment that determines the property’s fair market value. An authorized appraiser bases the value on factors like home inspection reports and real estate comparables.

There are different types of home appraisals, and each type practices a different method.

  • Full Home Appraisal: It is a comprehensive appraisal of both the interior and exterior.
  • Drive-By Home Appraisal: It involves mostly the exterior inspection of the property.
  • Desk Home Appraisal: In this process, the property’s valuation is completed at the appraiser’s desk.
  • Hybrid Home Appraisal: Here, the third party performs the inspection, and the appraiser prepares the report.
    ✍️ The time period for each appraisal differs for example a drive-by takes the least amount of time while a full home appraisal takes the most.

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How Long Does an Appraisal Take?

Generally, it takes one to three weeks under normal conditions and over a month in complex cases. Here is a home appraisal timeline:

  • Scheduling: Your mortgage lender schedules the appraisal. They contact third-party professionals for the job, which could take 1-2 days. However, depending on the appraiser’s availability, it could go up to a few weeks.
  • Home Visit: The home visit usually lasts around 30 minutes to 3 hours. In the process, the appraiser inspects the exterior and interior of the property. They then jot down notes and go through their checklist.
  • Comps and Report: The appraiser creates their report based on similar homes in that area. It usually takes around 2 days to a week for them to submit their report. However, if the appraiser is busy, it could go up to a few weeks.

    ✍️ During peak season, the number of home appraisers available for your property may be limited. Understand when is the best time to buy a house.

FHA Appraisal Timeline

The lender initiates the appraisal shortly after the seller accepts the buyer’s offer. An FHA-licensed and approved person conducts the appraisal. In the process, they check the interior and exterior and compare the property with other sold ones.

The process takes a few days to a week. The appraisal lasts for 180 days from the date it is effective.

Why Would an Appraisal Take Longer?

There are many reasons why an appraisal timeline can extend:

1. House in a Poor Condition

A house with many flaws can cause the appraiser to spend more time recording each one in detail. It makes the calculation more complex and ultimately reduces the property’s value. In some cases, the appraisal lasts up to 3 to 4 weeks.

2. Lack of Qualified Home Appraisers

Every year, there is a 3% drop in the number of qualified appraisers. With the declining appraiser’s occupation, getting an appointment takes longer than usual.

3. Active Real Estate Market

An active real estate market means you will have more home appraisals. With a 20% drop in the number of appraisers over the years, in peak season a single appraiser handles 4-5 clients together. This lengthens the timeline for an appraisal.

Bottom Line

An appraisal can take up to 1 to 3 weeks. If you want to save time, try for the appraisal when there is less competition in the market. As the appraisers are declining, you may fall for unlicensed professionals.

Houzeo has a list of qualified appraisers available in every part of the country. You can check it on the nearby map feature and directly contact them.

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Frequently Asked Questions

How long does a house appraisal take?

A home appraisal can take anywhere between 2 days and 4 weeks depending on factors like appraisal checklist complexity and the appraiser's schedule.

How long does it take to get appraisal back?

You may get your appraisal back in around 2 days to a week, longer if there are any complications or if the appraiser's schedule is packed.

How long does an FHA appraisal take?

FHA appraisals don't take much time, and the whole process is usually done in a week unless an FHA-approved appraiser is unavailable.

Why do I need home appraisal?

The mortgage lender needs the appraisal to ensure they are not issuing a loan greater than the home's worth. Most lenders don't entertain buyers without an appraisal.

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