If you finally found the home you want to buy, or plan to take advantage of the low interest rates and refinance your current home, then appraisal rates can affect your process.
With the real estate market being so competitive, appraisal timelines are changing.
Appraisal: The estimate of a home’s current value based on the current real estate market.
Appraiser: The licensed third party (no connection to the buyer, seller, or lender) professional who determines the home’s value through an unbiased assessment of the property.
Appraisers consider every factor that could impact a home’s value. Looking at comparable properties in the area, the current condition of the home, improvements that have been made, as well as the size of the home and the amount of land the home sits on can all affect the value of the appraisal.
With so many people buying and refinancing homes, appraisals are in high demand and appraisers are becoming backlogged. This is then causing a delay in closings until they can be completed.
As things change and regulations evolve, so does the appraisal process. If you’re wondering what this means for you, don’t worry. Your appraisal will get done, it may just require a bit more patience. I can help you along the way!