Getting an appraisal completed and returned is often one of the more anxiously awaited steps when going through the home buying process with a mortgage lender. Buyers waiting on appraisal results are eager to keep the transaction moving forward. In today’s busy housing market, how long should you expect to wait for that appraisal report to come back in 2023?
How long does an appraisal take to get back in 2023?
Appraisals typically take between 1-3 weeks to get back, though the timeline can vary based on several factors such as appraiser’s workload, property accessibility, data availability, and the type of mortgage. The appraisal process can be delayed by weather conditions, scheduling conflicts, unique properties, extra research needs for damaged properties, or corrections required by lenders.
Factors impacting how quickly or slowly an individual appraisal report is completed
- The appraiser’s current workload and availability – During peak home buying seasons especially, appraisers have high demand and tighter schedules which can mean longer timelines to fit in new appraisal assignments. Less busy appraisers will be able to turn around reports faster.
- Accessing the property – Weather delays, previously cancelled inspection appointments, or difficulty coordinating schedules with sellers to allow interior/exterior inspection can all lead to appraisers needing more time to complete the physical property valuation components.
- Data availability – Appraisals for unique homes without good comparable sales or located in more rural areas with sparse sales data tend to take appraisers longer to research valuation methods and supportable fair market value conclusions.
- Prioritizing appraisal quality – Some appraisers prioritize being meticulous over being fast, leading to more thorough but slower reports. Rushed appraisals can miss important details.
- Appraisal review process – Lenders have added internal appraisal review checks for accuracy, which adds another step after completion before the appraisal value is reported to the buyers.
- Mortgage type – Government-backed FHA and VA loans have more involved appraisal requirements that typically extend timelines. Conventional loans can be faster.
- Condition issues – Properties with damage, deferred maintenance or other concerns require extra appraiser research into scope and costs for repairs before the report can be finalized.
- Appraisal corrections – Wrong data, improper formatting or other problems resulting in the lender requesting corrections leads to delays getting the revised appraisal back.
- Lender prioritization – While appraisers themselves manage timelines, some lenders are more hands-on pushing for faster turnarounds while others let external due dates dictate urgency.
In competitive markets where demand outpaces appraiser availability, turnaround times also tend to be longer during peak months like spring. Appraisers struggle to keep up with high volumes of assignment requests when buyer interest is at its highest.
How to get your appraisal back quickly?
If you need your appraisal back quickly, some ways buyers can seek to improve chances of faster timelines include:
- Researching average appraisal turn times in your local area and with your chosen lender
- Selecting lenders who emphasize appraisal technology automation features for efficiency
- Paying rush fees if offered and eligible with your mortgage program
- Being readily available and responsive if the appraiser has any questions arising from the inspection
- Keeping your real estate agent continually updated on your purchase timeline needs
Learn more about
- What happens after appraisal and underwriting?
- How long an appraiser stays at your house?
- How long home appraisal takes?
Having awareness of the various factors that can expedite or extend appraisal timelines allows buyers to set proper expectations around when to anticipate getting those long-awaited results. Check in with your lender early about average turnaround times in today’s market conditions.