The average single-family home in the United States is is priced at $374,900 now.
The real estate market has been growing steadily over the past few decades. This has caused the value of the average home to increase by approximately 416% since 1980. This further emphasizes what a great investment property this is.
If you’re buying or selling real estate, chances are you’ll need a property appraisal. However, you may be wondering, “How long does it take for an estimate to come back?” These checks can be completed within a day, but may take days or weeks to receive a response.
Have you ever asked yourself, “How long does an assessment take?” You found the right blog. Read on to find out everything you need to know about the assessment, how long it takes and how to get the most out of it.
What is an assessment?
An appraisal is a specific process that is done to determine the exact market value of your home. These processes are usually performed by a real estate professional who comes to your home for a physical inspection. These professionals will walk around your home and take notes on any defects or problems that may be present.
They may also decide to check the appliances, plumbing and electrical to make sure everything is in order. All of these factors are considered and taken into consideration in the final assessment of your home’s value.
The most important variable to consider is the valuation of the rest of the market. This means that the same house can be valued differently depending on the area in which it is located.
This is why a one-bedroom apartment in New Jersey is always more affordable than the same apartment in New York. Appraisers understand the market well and can be accurate value your home in it.
Why are assessments important?
When you put your home on the market, the most important piece of information is the price. While many people are looking for specific homes in specific locations, their budget is often the most important factor.
This means that pricing your home accurately can help you find the right buyer as well as get the most for your home. While everyone wants to get the highest possible price for their home, a price that is too high can turn off potential buyers.
If buyers don’t think your home is worth the money you’re asking for it, they’re often reluctant to even make an offer. This means that it will be much more difficult for you to find a buyer and complete the sale of your property.
An appraisal will give you an accurate idea of how much your home is worth. This allows you to accurately list your home to the right buyers can interact with your list. Although the assessment is an additional cost, it is worth it.
What does the assessment look at?
The appraisal looks at both the outside and inside of your home. They will start at the curb to assess your curb and frontage. Once this is done, the inspector will inspect the interior of the home. This includes doors, hinges, flooring, lighting, wiring and fixtures.
The inspector will then check the plumbing and inspect the exterior walls. More serious problems are also checked, such as drainage and moisture. The roof is usually passed through, but some thorough inspections also check the insulation.
How long does the assessment take?
Evaluations usually start from the outside and work their way inward. In most cases, the inspector will ask you a few questions about the home to get a good understanding of the property. These chats are usually quite short, with a total review time of about an hour.
It totally depends on the size of your property. Inspection of a one-room apartment can take 15 minutes, and a five-room apartment – several hours.
How long does it take to get an estimate?
The evaluation takes place in two parts. The first part is when the inspector visits your property to find any defects or problems that may be there. This inspection can last anywhere from 30 minutes to several hours depending on the size of your home.
The second part of the process is when the inspector will take notes and do research on your home’s current market value. They take into account your home’s location along with the unique characteristics and issues your home may have.
This research process can take anywhere from a few days to a few weeks depending on which agency you use. That’s why it can be helpful to use smart valuation calculators to give you an accurate estimate in just a few minutes.
These impressive online tools can save you tons of time and are completely free. To find out the estimated value of your home, Click here.
How long does a home appraisal take?
When it comes to appraisal, properties of different sizes may take longer than others. Apartments and condominiums are usually quick, while single-family homes and condominiums take much longer. In most cases, you will hear back from the inspector within a few weeks.
How to increase the appraised value of your home
If you are planning to sell your home, you will want to get the most out of the sale. While there are many ways to increase the value of your property, here are some of the easiest ways.
1. Necessary repairs
The first thing inspectors pay attention to is repairs. Even the smallest repairs reflect poorly on your home as they indicate repairs that the new owners need to make. These costs are usually added up and deducted from the individual value of the home.
That’s why it’s so important to make the necessary repairs before the appraiser arrives. This includes fixing cracked tiles, replacing broken doors, and even patching drywall. While physical repairs are very obvious, electrical and plumbing issues are just as important.
Before the appraiser arrives, it’s a good idea to call the electrician and plumber to make sure everything is in order. Any leaking taps or flashing lights should be sorted before they arrive. This gives you the best chance of getting an accurate and favorable appraisal for your home.
2. Improve your appeal
Curb appeal is one of the most important factors that contribute to a home’s value. Curb appeal refers to the entrance and exterior of the home as seen from the street. To increase the value of your home, consider giving it a fresh coat of paint.
In addition to decorating the front of the house, make the front yard as small as possible. Clear your driveway and walkways so everything is safe and looks great for the inspector.
3. Go Green
Homes with green solutions are often more valuable than homes without them. This is because solar panels and solar lights can significantly reduce your monthly electricity bills. New home owners know this and will pay extra to save on maintenance costs in the future.
This justifies the investment in your property by installing solar panels or other green energy solutions. This can be considered as an investment in the property future home too.
4. Spring cleaning your house
When the appraiser comes to inspect your home, be sure to clean up before he arrives. Inspectors can sometimes be extremely thorough, so it’s best to do a deep clean. It can also help you spot minor repairs that you can quickly fix before the inspection.
Keeping your home clean helps make the space look more formal and professional. This directly increases its perceived value.
5. Modernize your interior
When it comes to the interior of your home, it’s best to keep things simple and modern. Investing in modern interior design can help future-proof your home as well as lower your monthly utility bills. While solar panels can help you supplement your electricity consumption, modern appliances can reduce your energy consumption entirely.
Consider replacing your appliances with modern, energy-efficient ones as soon as possible. Also, consider replacing all interior lights with LEDs. Although LEDs are more expensive, they require far less energy to light up your home. They also produce less heat, making the system more efficient.
6. Document the upgrades you’ve made
When the appraiser inspects your home, don’t hesitate to talk to them. Feel free to mention any repairs you’ve made and even say how much they cost you. This can give them a good idea of how well you’ve taken care of the property. This can help them understand that the house is in good condition.
It’s helpful to keep a list of them handy when performing updates. In some cases, the appraiser may take them into account to increase the value of your home.
7. Keep your yard tidy
Bringing order in the house to inspection, they often forget about the yard. By the time you remember, it may be too late, as there is often much more to clean up in the backyard. That’s why it’s so important to keep your yard neat and tidy throughout the year.
If you are investing in a property for sale, using a backyard is a great way to increase the value of the property. If you have the space, consider building an additional living space. This can be used as a guest house or even as an additional investment property. Because of the potential profit from having an ADU on the property, the value of your home is bound to increase.
8. Replace the air filters
Air quality is incredibly important. Be sure to replace all air filters in and around the home before the inspector arrives. This will clean and keep fresh and clean air in the house. To keep your home safe and clean, you need to replace yours HVAC filters every few months. These filters are very efficient and can get dirty very quickly.
9. Consider installing Smart Home devices
Just like installing eco-friendly solutions, installing smart home devices can help future-proof your home. Smart home devices such as cameras, speakers and automatic blinds are among the most useful to install. These additions can be expensive, but will add positively to the value of your home.
10. Keep things organized and uncluttered
In addition to keeping your home clean, you need to keep everything neat and tidy. If your space is cluttered and full of stuff, it can quickly feel small and cramped. These feelings are usually not very pleasant, which leads to a decrease in the home’s appraisal value.
The best way to organize things is to set aside a place for each item you have. That way, you’ll know exactly when something is out of place.
Get your home appraised today!
If you’re thinking about selling your home, you’ll need an appraisal. Simply put, it’s a professional appraisal of your property’s value in today’s market. If you are wondering, “How long does an assessment take?” A response usually comes within a few weeks.
If you have any questions or want to learn more about how to sell your home fast, feel free to check out our other helpful resources. To help you get a good idea of how much your home is worth, you can use our free home value estimator here.