In its simplest terms, an appraisal is the development of an opinion of value for aiding a client in making decisions about a property. The value developed in an appraisal is a measure of the relative worth of the asset.

​Property appraisals inform and provide support for individuals, businesses or governments/municipalities when buying or selling real estate; evaluating an investment; refinancing a mortgage; getting a home equity, cash or business loan; and setting or appealing values for property tax assessments. Appraisals are frequently used in complex real estate issues, eminent domain cases, bankruptcies, divorce, estate planning, settlement and mediation.

Many people wonder how long an appraisal is good for. The answer is it varies. Technically, appraisals don’t expire. However, changing market conditions, such as supply and demand, the economy, market volatility, and fluctuating sales comparables can lead to a shelf life ranging from as little as 30 days to six months to a year, with 90 days being the most commonly accepted standard among residential lenders.

The time to complete the appraisal process depends upon the type of appraisal being requested, the complexity of the appraisal and the appraiser’s workload. We are more than happy to work with our clients on a timeline that best suits their needs. A typical residential appraisal inspection should take around 30 minutes depending again on complexity of the property. A one week turn around is considered standard in the industry.