How long does it take to complete an appraisal on average?

[Tiffany Gibbons]

Whenever I ordered an appraisal before purchasing a property, I usually could get the report within a day or two. I always wonder how much time an appraiser really put into my appraisal report and what the actual steps involved are.

So last week, I did a survey asking appraisers how long it takes them to complete a full appraisal on average. Assume this is for a simple house and not a desktop appraisal. Many of them answered 5 to 7 hours. Is that the average time for you as well?

I also connected with an experienced Certified General Appraiser in Michigan, where he shared the workflow of a recent appraisal he completed, the steps from start to finish, and the time it takes for each step.

I though it would be a good idea to share my finding here. You can find the case study and the poll result in this blog post.

I hope it helps.

Jacob, the 46 page report that this Appraiser timed himself wrting entirely from inspection of the property to a fully completed report within 5 hours with no comp photos for a litigation/divorce appraisal is not typical at all. I don't care if Tim "is a respectable appraiser". If there is chance I might be cross examined in court, I for sure will be driving the comps. Also you seem to ascertain that he performed this appraisal for less than $600, based on average fees for "simple appraisals". I highly doubt it unless he does volume for this attorney and makes up for it in charging $300 per hour fees in expert witness testimony. Additionally, your state by state breakdown of fees is woefully under what fees actually are, at least in Tennessee. You seem to be trying to break down an hourly wage for appraisers out of the fee using 2018 fees without considering the appraiser's expenses, education, experience, and many other factors such as compliance. As an investor, you have a different perspective on "your money's worth" of an appraisal you get back in a couple of days. These were just things that jumped out at me. You identify yourself as an investor, but the article also says commercial narrative fees are between $3000 to $6000, maybe for a single tenant building or land. Call Cushman Wakefield and ask for something at that price range from an MAI to follow up on your research. See how fast they hang up on you. Are you flipping old fair quality homes with Luxury Lifetime Vinyl Plank Flooring, White subway tile, and builder grade granite to first time buyers? Do you think what you put into the property justifies your flip or rental pricing? What should YOUR hourly wage be, based on your role? Just curious. I hope this helps you bring your blog article more in line with 2022 prices. Earlier in the article, you mention VA fees. Those fees increased in December 2021. My RLC does not let us charge additional mileage fees either. That is incorrect in the article or may vary by RLC. As you have posted your blog article on LinkedIn, etc. I think it is important to point out some of your research is misleading (not intentionally) or just does not have a broad enough sample of responses. I don't like to see anything incorrect or misleading being posted online that could potentially have an adverse affect on the appraisal profession by someone whose motivation seems unclear.

 

[Badlands]

Tim's estimate is pretty much typical but for us rural appraisers - I can spend 4-5 hours getting to the place, taking pix, both comp and subject, inspection and get back home - my average is about 20-30 one way. Then figuring 2-3 hours crunching the numbers. And completing the report (narrative) is about 2-4 hours more. With a backlog of work, I usually can get the report out the door within 2 weeks of accepting the assignment.

I am also a rural appraiser and same..

 

[shrubberyvaluation]

Whenever I ordered an appraisal before purchasing a property, I usually could get the report within a day or two. I always wonder how much time an appraiser really put into my appraisal report and what the actual steps involved are.

So last week, I did a survey asking appraisers how long it takes them to complete a full appraisal on average. Assume this is for a simple house and not a desktop appraisal. Many of them answered 5 to 7 hours. Is that the average time for you as well?

I also connected with an experienced Certified General Appraiser in Michigan, where he shared the workflow of a recent appraisal he completed, the steps from start to finish, and the time it takes for each step.

I though it would be a good idea to share my finding here. You can find the case study and the poll result in this blog post.

I hope it helps.

You also have to keep in mind sometimes it can take days to get call backs and information from government or agents, especially during COVID where you can't just walk in.

 

[residentialguy]

6-8 hrs at the desk... but things like verification of all the sales, setting up and doing inspection, finishing other work, etc is what pushed it out.

 

[KHS445]

I am a one man shop, with a home office. I do not accept any AMC/secondary market assignments. I don’t really have a typical assignment, as they can range from vacant land to golf courses, c-stores, farms/orchards, small commercial properties, national chain build to suit, etc.

I have had some projects such as vacant acreage that one can’t really charge more than $500 that for various reasons can take upwards of 20 hours to complete. Conversely, because of repetitiveness I have instances where my hourly fee approaches $400 and I never have to leave my office.

The owner of the office I used to be affiliated with typically charges $500 to $700 for a typical secondary market appraisal, which take him about 5 to 6 hours. Whereas the other person in the office will take on more difficult secondary market assignments and will charge $750 to $1,000 per report and he spends upwards of 10 hours per report and drives close to 100 miles per report.

 

[ucbruin]

6-8 hrs at the desk... but things like verification of all the sales, setting up and doing inspection, finishing other work, etc is what pushed it out.

Stop with the jokes....
You're killing me....
Hahaha....

 

[residentialguy]

Stop with the jokes....
You're killing me....
Hahaha....

I'm talking about an appraiser, not a form filler.