Appraisal Date

The appraisal date is the specific date to which an appraiser's opinion of value applies, also known as the effective date of the appraisal. Because real estate markets change over time, a value conclusion must be tied to a specific point in time to be meaningful.

An appraisal report may include several dates that do not always match: the inspection date, the effective date of the value opinion and the date the report is signed. Most current mortgage assignments use an effective date near the time of the appraisal, while a retrospective appraisal establishes a value as of a past date for purposes such as estate settlement, tax appeals or litigation. A prospective appraisal establishes value as of a future date, often for proposed construction.

Lenders monitor the effective date because appraisal age requirements vary by loan program and may require an update or new appraisal. Market conditions can also make the date important to buyers and sellers evaluating whether the reported value reflects current conditions.