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  • Writer's pictureJesse Ledbetter

17% say home purchase costs too much. Who's to blame.

A recent article cites purchaser's regrets over their 2022 home purchase. A common complaint against appraisers is that it's too expensive. The median home price in 2022 was $428,700... lets take a look at the cost breakdown.

Principle: $428,700

Down payment (to avoid PMI): $107,175

30 years of payments (at 6.73% fixed [December 2022 %]): $749,208

Real Estate Agent Fees: $21,435

Transfer Title/Fees/Etc: $17,148-$25,722

December Appraisal Fees for a market typical home: $450-$600

Now, I'm no rocket surgeon... but one of these things is not like the others. Keep in mind, the appraiser is the only independent party who does not have a financial incentive to "make the deal work." Buyers... before you believe the lies that appraisals are "expensive" or "take too long," realize that this fee that is nearly a tenth of a percent that takes a week may save you over a million dollar mistake.

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