What to Expect During a Home Appraisal and How to Prepare
When you're buying or selling a home in the Roanoke Valley, one crucial step is the home appraisal. It can seem complex, but with the right knowledge—and the right team by your side—it doesn’t have to be. Whether you're a buyer ensuring your dream home is valued correctly or a seller aiming for the best offer, understanding the appraisal process is key.
Let’s break it all down so you know what to expect—and how to prepare.
Why Home Appraisals Matter
A home appraisal is a detailed report created by a licensed professional who estimates a property's market value. Lenders use this report to ensure the home's value aligns with the loan amount. Appraisals protect buyers, sellers, and banks by ensuring fair transactions.
For Buyers
If you’re buying a home, your lender wants to confirm the property is worth what you’ve agreed to pay. If the home appraises for less than your offer, you might need to renegotiate or cover the difference. Understanding this process is vital, and our Home Buying Guide offers more insights.
For Sellers
A strong appraisal supports your asking price and gives buyers confidence. However, if the appraised value is lower than the contract price, it could delay or jeopardize the sale unless a new agreement is reached. Our Step-by-Step Guide to Selling Your Home provides strategies to navigate this scenario.
What Happens During a Home Appraisal?
Appraisals are typically ordered after the home inspection and before closing. Here’s what to expect:
The appraiser visits the home.
They’ll conduct a thorough walkthrough, assessing the property's condition, updates, layout, square footage, and more.They compare the home to others nearby.
This process, known as “running comps,” involves evaluating similar homes in the area that have recently sold to determine a fair market value.They compile a report.
The report includes the estimated value of the home, property details, and a list of comparable homes used in the valuation.
Most appraisal appointments last about 30–60 minutes, with the final report typically ready in a few days.
How Sellers Can Prepare for a Home Appraisal
When selling your home, preparation can significantly impact the appraisal outcome.
Clean and Declutter
Ensure your home is neat and clean. A tidy space highlights the property's true condition and appeal.
Address Minor Repairs
Fix dripping faucets, patch wall holes, replace missing tiles, and tighten wobbly doorknobs. These small fixes contribute to a positive impression.
Enhance Curb Appeal
Mow the lawn, trim bushes, add fresh mulch, and clean walkways. First impressions matter, and a well-maintained exterior sets the tone.
Document Your Upgrades
Provide the appraiser with a list of recent improvements, such as:
New roof or HVAC system
Renovated bathrooms or kitchen
Energy-efficient windows
Finished basement or attic
These enhancements can positively influence the appraised value.
For more tips on preparing your home for sale, visit our Selling Page.
How Buyers Can Prepare for a Home Appraisal
As a buyer, staying informed and proactive is essential.
Understand the Timeline
After your offer is accepted, your lender will schedule the appraisal. You'll typically need to pay the fee—usually between $450 and $600—and await the results.
Keep the Process Moving
While waiting for the appraisal, continue working with your lender on other loan documents to keep the closing on track.
Be Prepared for Various Outcomes
If the home appraises at or above your offer, you’re on track. If it appraises lower, options include renegotiating the price, covering the difference, disputing the appraisal, or, if necessary, walking away. Your J&D Realty Team agent will guide you through these scenarios.
For a comprehensive overview of the buying process, check out our Buying Guide.
Factors Influencing a Home’s Appraisal Value
Several elements affect a home's appraised value:
Location: Proximity to schools, parks, and shopping centers can enhance value.
Condition: Well-maintained homes typically appraise higher.
Size and Layout: More square footage and functional layouts are advantageous.
Upgrades: Recent renovations and added features like decks or patios can increase value.
Market Trends: A seller's market can drive values higher.
Appraisers provide an unbiased evaluation based on these and other factors.
After the Appraisal: Next Steps
If the Appraisal Meets or Exceeds the Offer
Proceed with the closing process as planned.
If the Appraisal Is Lower Than the Offer
Consider options such as renegotiating the price, covering the difference, or disputing the appraisal. Your J&D Realty Team agent will assist in determining the best course of action.
Local Insights from The J&D Realty Team
In Roanoke, home values vary across neighborhoods. From Grandin Village to Bonsack, or the rural charm of Franklin County, strategic preparation can influence appraisal results. Our experience in the local market equips us to guide sellers in enhancing their home's value and assist buyers in navigating appraisal challenges.
Final Thoughts
The home appraisal is a pivotal step in the buying or selling process. With proper preparation and the right guidance, it can be navigated smoothly. Whether you’re aiming to buy your dream home or sell confidently, The J&D Realty Team is here to support you every step of the way.
Have questions about appraisals or need assistance preparing? Contact us today—we’re ready to help!
Frequently Asked Questions About Home Appraisals
What’s the difference between an appraisal and a home inspection?
A home inspection checks the condition of the home, focusing on safety issues and repairs. An appraisal, on the other hand, determines the home’s market value based on its features, condition, and comparable recent sales. Both are important, but they serve different purposes in the buying or selling process.
Can I be present during the home appraisal?
If you're the seller, yes—you can be there during the appraisal. Buyers usually do not attend. If you're a seller, it’s a good idea to be available to answer questions and provide documentation about upgrades or improvements.
How long is an appraisal good for?
Most appraisals are valid for about 90 days, but that can vary depending on the lender and loan program. If the market is changing quickly, a lender might request a new appraisal even within that timeframe.
What happens if the appraisal is higher than the purchase price?
That’s good news for the buyer! It means you're buying the home for less than it’s worth—instant equity. The loan will still be based on the purchase price, not the appraised value.
Can a low appraisal be disputed?
Yes. If you believe the appraisal missed important upgrades or used bad comparable sales, your real estate agent can help you submit a reconsideration request. You’ll need solid evidence to support your case, but it is possible to get a second look.
Does staging a home help with an appraisal?
While staging isn’t a factor in the appraiser’s calculations, a clean and well-organized home can make it easier for the appraiser to see the home’s features clearly. It can also help subtly reinforce the idea that the home is well cared for, which may positively influence the condition rating.
Are VA or FHA appraisals different from conventional appraisals?
Yes. VA and FHA appraisals have stricter guidelines. For example, the home must meet certain safety and livability standards, and the appraiser will be more detailed in checking those items. If you’re selling to a buyer with a VA or FHA loan, make sure your home is in great shape.
