If you’re buying a home and your offer has been accepted, the next step is applying for your mortgage. As part of that process, your lender orders a home appraisal. It gives you a trained professional’s point of view on the fair market value of the home to make sure it’s in line with the purchase price.
The average cost of a home appraisal can vary depending on several different factors. Before entering into the appraisal process, it is important to know what an appraisal is, the different approaches taken to appraise your home and how much it costs in order to prepare you for what’s ahead.
Appraisal report. Most lenders will require a house appraisal to determine whether it has enough value (and you have enough equity) to qualify for the new mortgage loan. This appraisal can cost anywhere from $300 to $600, and the outcome of a home appraisal can determine whether it’s smart to refinance your home.
The fees vary depending upon the location of the property and complexity of the appraisal process, but the cost of an appraisal is also driven somewhat by market demand, as with any other service. If you ask Realtor.com for an estimate of a home appraisal cost, the general answer seems to be in the $300 to $400 range, but that seems to be an outdated estimate.
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north carolina real estate appraisal costs & Prices. – North Carolina Real Estate Appraisal Costs & Prices We have collected data statewide to help calculate the average cost of real estate appraisal in North Carolina. The following are average costs and prices reported back to us:
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