How much does a home appraisal cost in Oregon? Well, that depends on several factors! The best way to know the costs is to contact an appraiser directly and get a quote from them. However, most homeowners and homebuyers want to have an idea before they contact an appraiser, just to ensure they can plan their budget accordingly.
We provide a detailed guideline to help you understand the approximate costs involved.
What is a Home Appraisal?
A home appraisal is a visual assessment of the property to determine its current value. A qualified appraiser will look at your home’s condition and consider factors like location, size, neighborhood, market conditions, and more before preparing a report.
A qualified appraiser is an unbiased party and will provide the most accurate appraisal based on a number of factors. The appraisal cost in Oregon depends on how many items are on the appraiser’s checklist. Different appraisers have different approaches to this assessment.
» Home Appraisal: What you need to know about home appraisal, including process, costs, and why you should get one.
Types of Home Appraisals
There are different types of appraisals available to homeowners and buyers today. In most cases, a mortgage lender will require a traditional comprehensive assessment but it is a good idea to be aware of the options. Once you get preapproved for a mortgage and place an offer on a property, home appraisal can begin.
1. Desktop Appraisal
This is a very basic type of appraisal that doesn’t even involve a visual inspection of your property. The appraiser will look at the data available publically about your property, its neighborhood, recent sales in the area, and other relevant factors to come up with an estimate. A desktop appraisal only costs around $75 to $200, which makes it a cheaper alternative to other options. Many mortgage lenders will not accept this evaluation but it is a good way to determine your home’s value in advance.
2. Drive-By Appraisal
A drive-by appraisal has become popular in recent years. It involves a visual assessment, even if the appraiser doesn’t actually step into your property. The appraiser will rely on the information they collect from available data and the visual inspection to come up with an estate value. This isn’t considered a comprehensive evaluation so mortgage lenders will not accept it. However, this type of appraisal can be used for refinancing, line of credit, or foreclosure. They cost around $100 to $150, which makes them very affordable.
A drive-by appraisal can also benefit an Oregon For Sale by Owner as it is easier to price the property accurately when you have some idea of its value.
3. Hybrid Home Appraisal
This model has become very popular in recent years because it is very efficient. It involves two people; one enters the property and does a full visual inspection. The other analyzes the data collected by the first appraiser and compares it to comp values before preparing a report. While most mortgage lenders don’t accept this form of appraisal, many have started to. It can cost anywhere between $250 and $375.
4. Traditional Appraisal
This is the most comprehensive assessment and it provides the most accurate estimate of the property value. The process involves a full visual inspection of the property. The appraiser will walk through the property and make note of all concerns. They will also collect the data available, including recent sales of similar properties in the area, to get an approximate value of your home. A full appraisal can cost anywhere between $375 to $1,200, depending on the type of loan and property you have.
» List of Real Estate Companies in Oregon: If you need some assistance during appraisal or the real estate transaction process, a real estate company may be able to assist. You can look at our list of the top companies in Oregon.
How Much Does a Home Appraisal Cost in Oregon?
As we have mentioned before, the cost of an appraisal in Oregon can depend on several unique factors. Let’s look at some estimates so you have a clear idea:
1. Average Costs
The average cost of home appraisal in Oregon is around $400 – $575. This depends on your location in Oregon and on factors like property size, loan type, and appraisal checklist complexity.
2. Conventional Loan
If you’re applying for a conventional loan from private mortgage lenders, you may need to pay around $400 – $575 for the appraisal. Private lenders require a basic checklist and the evaluation process is straightforward.
» Lenders in Oregon: Looking for private mortgage lenders? Look at the highest rated options available to you and make an informed choice.
3. FHA Loan
FHA and government-backed loans have specific requirements, which is why the appraisal costs can be a bit higher. On average, you can expect to pay anywhere between $400 and $1,000 for a home appraisal in Oregon if you’re applying for an FHA or USDA loan.
» Oregon Housing Market Crash: FHA loans can come in handy when the market is taking a turn for the worse. Read our post on the housing market crash in Oregon to know more.
4. VA Loan
The Department of Veteran Affairs also has some specific requirements. If you’re applying for a VA loan, you will need to hire a VA-approved appraiser and spend anywhere between $800 to $1100 for a comprehensive assessment.
5. Single-Family and Condo
The cost of appraisal in Oregon will also depend on the size and type of property. You can expect to pay around $265 to $419 to get a single-family home or a condo appraised. Professionals usually charge an hourly rate for larger and more complex properties. For example, appraising a large ranch in Oregon may cost as much as $3,000.
» Home Appraisal Checklist: Get an idea about what’s included in a home appraisal checklist so you can be better prepared.
Home Appraisal Fees by Size
Size also plays a role when calculating the appraisal fee in Oregon. The bigger your house is, the higher the appraisal fee. We have some approximate estimates of how much you need to pay depending on the size of the property.
- 1200 sq ft: $250-$350
- 1400 sq ft: $325-$425
- 1700 sq ft: $375-$500
- 2000 sq ft: $425-$525
- 2500 sq ft: $500-$600
» How to Prepare for Home Appraisal: If you have a big property, ensuring it is ready for an appraisal can be overwhelming. We have some tips for you.
Who Pays for Home Appraisal?
It depends on who is ordering the appraisal. If a mortgage lender is ordering it, the buyer will have to pay for the home appraisal in Oregon. If the seller wants to get their property appraised before a sale, they will have to pay for the process. Sometimes a buyer may negotiate with the seller to cover these expenses but that’s not always the case.
» Who Pays Closing Costs in Oregon Buyer or Seller: Closing costs can be tricky so we have a detailed post on who pays costs.
How to Find a Home Appraiser in Oregon?
Finding a reliable home appraiser in Oregon isn’t very difficult. You can simply search online and pick the highest-ranked appraiser available. You can look at our ‘home appraisers near me‘ page to find a few certified professionals in your area as well. There are a few things to keep in mind when picking an appraiser:
- Make sure they are licensed or certified.
- Look at reviews to ensure they are unbiased and won’t favor any party.
- Check with the local BBB to determine how trustworthy the private appraiser is.
- If you are applying for a VA loan, you will need a VA-approved home appraiser.
A good appraiser will provide a straightforward and accurate valuation of the property so you can make an informed decision.
The average Oregon home appraisal cost is between $400 – $575 for traditional, full-scale appraisals. You can consult with your lender or real estate agent to determine which type of appraisal is a good choice for you. We recommend a traditional appraisal because it provides the most accurate valuation.
» Flat Fee MLS OR: Want to save money on your real estate transaction? We recommend using a flat-fee service to skip paying high realtor fees.
Eager to Know How Houzeo Works?
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An overview of what the platform is all about
» NEED MORE CLARITY? Read an exclusive Houzeo review and learn why it is one of the best FSBO sites in America.
Frequently Asked Questions
1. When should I get my home appraised?
If you intend to sell your property, we recommend getting an appraisal before placing it on the market. That will ensure you can price your property accurately.
2. Why is my house appraisal so low?
Several factors can lead to a low appraisal like home condition, neighborhood, the state of the local real estate market, and more. We recommend doing your own research to determine whether the valuation is according to the market trends in your neighborhood. You can also get a second opinion.
3. Can I get a home appraisal for free?
You may be able to get a basic desktop appraisal for free. Some homeowners conduct their own research into market and comp data to determine their property's value. While this can help you save money, the estimate may not be very accurate.
4. How long is my appraisal valid for?
Your appraisal is valid for around 90 days. If the appraisal is too old, the lender will request a fresh one to ensure the valuation is up to current market standards.
» Buying a House in Oregon with Bad Credit: Do you have low credit or no credit history? We have some tips to help you buy a house with low credit.
» Buying a House in Oregon: Want to know how to buy a house in Oregon? Read our post to have an easier time with the process.
» How Much Does a Home Inspection Cost in Oregon: Understand the home inspection costs in Oregon.
» Title Policy Definition: Title check and insurance are also important aspects of closing. We explain what a title policy means in detail.
Resources for Buyers
» Home Inspection OR: If you want to get a more comprehensive assessment of the property, you need to book a home inspection in Oregon. We tell you everything you need to know.
» Oregon Home Inspectors: If you want an insight into the condition of the property, you need to hire home inspectors. We have a list of the top pros in Oregon.
» Mortgage Brokers Oregon: Don’t have a lender yet? We have a list of mortgage brokers in OR and they can make the mortgage application process easier for you.
» Oregon Seller Disclosure: A seller must disclose important information about their property during the closing process. Read our post on it to know more.
» Estimated Closing Costs for Buyer in Oregon: Home appraisal fees are often a part of a buyer’s closing costs. Read our post to find out all other expenses you need to consider during closing.
Resources for Sellers
» Best Flat Fee MLS Listing Service Oregon: If you want to save some money on agent fees, we recommend using a flat-fee MLS company for his purpose.
» Paperwork for Selling a House by Owner in Oregon: It is possible to sell a house without a real estate agent’s help. We explain how you can do that and what kind of paperwork you will need for it.
» Seller Closing Costs Calculator Oregon: Want to get an idea of your overall closing expenses, we have a handy calculator for you.
» Oregon Cash Home Buyers: Many companies buy properties for cash, which can be a good option for sellers facing a crashing market. We have some great options for you.
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