A home appraisal is a professional estimate of your house's market value, conducted by a licensed appraiser who inspects the property and compares it to similar homes recently sold nearby.

The appraiser produces a written report that lenders use to decide how much they will loan you, and that you can use to understand your home's current worth. The appraisal is not the same as a tax assessment (which your county uses to calculate property taxes) or a real estate agent's opinion of listing price. An appraisal is a formal document based on comparable sales data and the condition of your specific property.

You do not order an appraisal yourself in most cases. If you are refinancing a mortgage or taking out a home equity loan, your lender orders and pays for it — usually between $300 and $700, depending on the home's size and location. If you want to know your home's value for other reasons (selling, estate planning, insurance), you can hire an appraiser independently, though you will pay the full fee out of pocket.

Key Takeaways

  • A licensed appraiser inspects your home and compares it to recent sales of similar properties in your area to estimate market value.
  • If you are refinancing or getting a home equity loan, your lender orders the appraisal and pays for it as part of the loan process.
  • You can hire an independent appraiser yourself if you need a valuation for selling, insurance, or other personal reasons, and you will pay the fee directly.
  • The appraisal report includes the appraiser's estimate, the comparable properties used, and details about your home's condition and features.
  • Appraisals typically take one to two weeks from order to completed report, though timing varies by location and appraiser availability.

What happens during a home appraisal

The appraiser visits your home and spends 30 minutes to two hours inspecting it, depending on size and complexity. They measure the square footage, note the number of bedrooms and bathrooms, check the roof and foundation condition, and look at updates like flooring, kitchen appliances, and HVAC systems. They also photograph the exterior and interior and document any damage or deferred maintenance.

The appraiser then researches recent sales of comparable homes — typically houses sold within the last three to six months in your neighborhood or a similar area nearby. They adjust the comparable prices up or down based on differences: if a comparable home sold for $350,000 but has an older roof while yours is new, the appraiser may adjust that sale price upward when using it to estimate your value. The final estimate is usually the average of three to five comparable sales, adjusted for differences.

How to request an appraisal through your lender

If you are refinancing your mortgage, your lender will order the appraisal as part of the loan process. You do not need to do anything except provide access to your home on the scheduled date. The lender chooses the appraiser from a panel of licensed professionals and sends you the appraisal order details, including the appraiser's name and contact information.

For a home equity loan or line of credit, the same process applies: your lender orders the appraisal and covers the cost. You will receive notice of the appointment and should ensure the appraiser can access all areas of the home, including the attic, basement, and any outbuildings. If you are not home during the inspection, make sure someone with a key is present, or provide the appraiser with access instructions in advance.

Hiring an independent appraiser

If you need an appraisal for reasons other than a mortgage transaction — such as selling your home, settling an estate, or updating your homeowners insurance — you can hire an appraiser directly. Search for "licensed appraiser" or "certified appraiser" in your state plus your city name. Most states require appraisers to hold a license or certification; verify this on your state's real estate licensing board website.

Call or email three to five appraisers and ask for their fee, availability, and whether they specialize in residential properties in your area. Fees vary based on home size, location, and market conditions but typically range from $300 to $700. Once you choose an appraiser, you will schedule the inspection, provide access to your home, and receive the written report within one to two weeks. You will receive a copy of the full appraisal report, which you can use for your own records or share with others as needed.

Understanding the appraisal report

The appraisal report includes the appraiser's final value estimate at the top, followed by detailed sections on the property itself, the neighborhood, and the comparable sales used. You will see a description of your home's condition (excellent, good, fair, or poor), notes on any repairs or updates, and the appraiser's reasoning for the final value.

The comparable sales section shows the three to five similar homes the appraiser used, their sale prices, and the adjustments made to account for differences. For example, if a comparable home sold for $320,000 but is 500 square feet smaller than yours, the appraiser might add $20,000 to that sale price to reflect the size difference. The final value estimate is the appraiser's professional opinion of what your home would likely sell for in the current market.

What affects your home's appraised value

The appraiser considers location, size, age, condition, and recent upgrades. A home in a neighborhood with good schools, low crime, and strong job growth typically appraises higher than an identical home in a less desirable area. Square footage, number of bedrooms and bathrooms, and lot size all matter. A newer roof, updated kitchen, or new HVAC system can increase value, while deferred maintenance, outdated systems, or structural issues can lower it.

Market conditions also play a role. In a strong seller's market with high demand and low inventory, comparable sales prices are higher, which pushes appraisals up. In a slower market, appraisals tend to be lower. The appraiser uses recent sales data, so if your neighborhood has had few recent sales, the appraiser may look at a wider geographic area or use older comparables, which can affect accuracy.

What to do if you disagree with the appraisal

If the appraised value is lower than you expected, you have options. First, review the appraisal report carefully for errors: incorrect square footage, missing rooms, or inaccurate condition descriptions. If you spot a factual mistake, contact the appraiser and ask them to correct it. Some appraisers will issue a revised report at no charge if an error is found.

If the value is simply lower than you believe it should be, you can request a second appraisal from a different appraiser. This costs another $300 to $700 and takes another one to two weeks. If you are refinancing and the appraisal comes in low, your lender may allow you to challenge it with evidence of recent comparable sales in your area that support a higher value. Provide the appraiser or lender with documentation of recent sales you believe are more comparable to your home.

Frequently Asked Questions

How long does an appraisal take?

The inspection itself takes 30 minutes to two hours. The appraiser then researches comparable sales and writes the report, which typically takes five to ten business days. From the time you order to the time you receive the completed report is usually one to two weeks, though it can be longer during busy seasons or in areas with fewer available appraisers.

Can I be home during the appraisal?

Yes, you can be home, but it is not required. The appraiser needs access to all areas of the home, including the attic, basement, and any outbuildings. If you are not home, make sure someone with a key is present or provide the appraiser with clear access instructions. Some appraisers prefer to work without the homeowner present so they can work at their own pace.

Is an appraisal the same as a home inspection?

No. An appraisal estimates market value and is used by lenders. A home inspection checks the condition of systems and structure and is typically ordered by a buyer before purchase. An appraisal is less detailed about repairs and focuses on value; an inspection is more detailed about what needs fixing. Both can be ordered separately.

What if my home has unique features the appraiser might not value?

The appraiser bases value on what similar homes in your area have sold for recently. Unique features like a pool, custom landscaping, or a home theater may not add dollar-for-dollar value if comparable homes in your neighborhood do not have them. The appraiser will note these features but may not increase the value proportionally to what you spent on them.

Do I need an appraisal to sell my home?

No. A real estate agent will provide a comparative market analysis (CMA) to help you set a listing price. However, if you want an independent professional valuation for your own records or for estate planning, you can hire an appraiser. Buyers typically order their own appraisal as part of their mortgage process.