How Long Are Home Appraisals Good For?

expired-real-estate-appraisalTechnically, an appraisal report is always “good” as it is an opinion of value assigned to the property at a given date. However, for purposes such as mortgage lending the appraisal typically must be no older than 90 days. This number is used since real estate is typically in flux throughout the year and is often viewed quarterly with Fall and Winter months having less and lower prices sales than Spring and Summer.

If you are using the appraisal to sell your home then you will want to make sure you know what the value trends have been in your market area – this will determine the effective expiration of the reported value. For instance, if values are moving up or down rapidly in your market then you will likely not want to use an appraised value that is older than 30 days without adjusting the appraisal value for appreciation or depreciation.

At RealEstateAppraisalsAustin.com we provide a five year market trending report with each appraisal. This report is included as a 6-page addendum and includes all key metrics for real estate as well as trending the market over the past three years. With this information we can extrapolate the appropriate amount to adjust your appraised value and at what time intervals this needs to be applied.

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