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.
