Appraisals more expensive and taking longer to finish

Posted at 7:10 PM, Jul 22, 2021
and last updated 2021-07-22 19:10:01-04

LEE COUNTY, Fla. — There’s no rest for the weary, or anyone working in the real estate industry these days.

Gerald Hendry knows firsthand.

“There’s a tremendous load and burden on our appraisers right now. Kind of doing the best we can with what we’re dealt with at the moment,” he said.

Hendry of Maxwell Hendry Simmons Real Estate Appraisers and Consultants says his appraisers are juggling 50 percent more homes when you factor in new buys and refinancing due to low interest rates. This all affects how much appraisals cost, too.

“For the most part, our pricing has gone up a little bit, just to keep up with inflation,” he said.

Michael Tessmer with Fairview Lending Home Mortgages, who works on the other side of the table, as a mortgage broker says not only are prices going up, it’s hard to find an appraiser to do the job. He cast a wide net to track down one this week.

“10 of 12 declined them, and one came back with a $950 price, and still a two-week turn time,” he said.

Appraisals typically take 5-7 business days. Hendry says appraisals today can take as long as 30 days.

So, Hendry says to make your home-buying process a little smoother, rather than 45 days, factor in more time for your closing period.

“I think 60 days is probably the norm right now,” he said.

Tessmer says the workload for appraisers may balance out again once interest rates go up again.