How Much Does a Home Appraisal Cost in Florida?
With the median sale price of a single-family home in Florida coming in at about $430,000, both buyers and sellers in the Sunshine State want the most value for their money. Enter an appraiser, a licensed, independent professional who assesses a home’s market value.
Here, we’ll break down the average cost of a home appraisal in Florida, along with expert insights about what can increase or decrease home value.
What is a home appraisal?
A home appraisal is a professional opinion of home value, determined by a licensed and independent appraiser. A home appraisal can reassure buyers (and their lenders) that an asking price is appropriate for the property. For sellers, an appraisal serves as a valuable guide to setting that price and entering the market with a solid sense of a property’s worth.
“The lender usually requires an appraisal to make sure that the asset is worth what they’re lending. But I think it’s good for the buyer also to know that the property is worth what they’re paying for it,” says Brenda Bianchi, a Largo, Florida, real estate agent of 41 years who works with over 76% more single-family homes than the average agent in her market. “If a seller does an appraisal before they put the property on the market, then they have a good idea of what the property value is.”
A seasoned real estate agent bases an asking price on a home’s features, as well as how well it stacks up against comparable properties, or comps. A home appraisal goes a little deeper than comps, taking exact measurements and making detailed observations about the home’s features, such as finished square footage, adds Patricia Pringle, an appraiser of over 25 years who runs Pringle Appraisal Services in Largo.
Although most of Pringle’s clients are banks, she also conducts appraisals for any individuals who need a home’s value for legal reasons, such as people going through a divorce, filing for bankruptcy, or settling an estate.
