Key characteristics your Appriaser uses when determining the value of the home.
When an appraiser evaluates your home’s value, they focus on specific features. Typically, they use a document known as the Federal National Mortgage Association (FNMA) Uniform Residential Appraisal Report, especially for single-family homes. (You might hear this referred to as “Fannie Mae,” so if your bank or realtor mentions that name, you’ll know they’re talking about the same thing.)
This report covers everything from the inside and outside of the house. According to Investopedia, important factors include the home’s amenities, the number of bedrooms and bathrooms, the functionality of the floor plan, and the square footage. The appraiser conducts a thorough visual inspection of both the interior and exterior, noting any issues like necessary repairs that could lower the property’s value.
The report will also feature a street map, an exterior sketch of the building, square footage calculations, and photos of the home’s front. It will include exterior shots of comparable homes and information from market sales, public land records, and tax records—all of which contribute to determining the home’s fair market value.
As you might guess, this process is quite detailed. It usually takes about one to two weeks to gather all the information and determine the home’s value.
