Home appraisals are frequently used in real estate to determine property value for various purposes. Lenders require appraisals when you take out a mortgage or refinance a home. A home appraisal may also be necessary to settle an estate or price a home to sell. So, how much is a house appraisal if you need one? Although web estimates place the average cost of a single-family home appraisal somewhere between $300 and $400, these online figures tend to skew a bit low, according to real estate experts. “Almost anywhere in the country, the minimum amount necessary for a credible home appraisal is likely going to be somewhere between $450-$550,” shares Mike Ford, a Southern California-based general certified real estate appraiser since 1986. Angi pegs the average cost of a home appraisal at $356, but the National Association of Realtors’ (NAR) 2023 Appraisal Survey suggests that it’s more like $500. Costs will vary based on what area of the country you live in, the type of home, its square footage, condition, and more. Let’s take a look at the main factors that impact the cost of a home appraisal as well as what to expect from the process. A home appraisal is a professional opinion of home value assigned by a licensed and independent home appraiser. Home appraisers determine value using a few different methods, but the most common one to know is the sales comparison approach. This method involves reviewing nearby recently sold properties with similar characteristics to the one being valued and making dollar adjustments based on competitive differences. An appraiser often conducts an on-site visit — tape measure and camera in hand — to document a home’s square footage, check out its curb appeal, evaluate recent upgrades, and take note of the overall property condition. The appraiser will dock value for any physical deficiencies and record details like the type of foundation and whether the home has central air. Then, they will document the research and supporting reasoning for their opinion of value using the Uniform Residential Appraisal Report.What is a home appraisal?
