🏡 What Every Homebuyer Should Know About Appraisals in Massachusetts

Buying a home in New Bedford—or anywhere in Massachusetts—is an exciting step. But once your offer is accepted, there’s a part of the process that often catches buyers off guard: the appraisal. If you’re new to homebuying, you might be wondering, what exactly is this, and why does it matter so much? Let’s walk through it together.

Why Appraisals Exist

Think of an appraisal as a safety check for both you and your lender. The bank doesn’t want to loan more money than the home is worth, and as a buyer, you don’t want to overpay either. An appraiser comes in, takes a detailed look at the property, compares it with recent sales in New Bedford, Dartmouth, Fairhaven, or Fall River, and gives a professional opinion on its market value.

How the Process Works

After your offer is accepted, your lender orders the appraisal. You don’t pick the appraiser—the lender does—to keep the process unbiased. The appraiser walks through the home, notes its condition, upgrades, or any issues, and then studies comparable homes that recently sold nearby. Within about a week or so, they send a report back to your lender with the final value.

When the Appraisal Matches—or Doesn’t

If the appraisal lines up with your purchase price, great! You move forward without a hiccup. But what if the value comes in lower? That’s where things can get tricky. You might need to renegotiate with the seller, come up with a bigger down payment, or in some cases, walk away. This doesn’t happen every day, but it’s something to be prepared for.

Local Market Impact

Here in New Bedford and the surrounding areas, appraisals can be influenced by how quickly homes are selling. In a hot market, buyers sometimes offer well over asking, but if the comparable sales don’t support that number, the appraisal may not keep up. That’s why working with a Realtor who understands our local market—whether it’s a historic home in Dartmouth or a starter in Fall River—matters so much.

The Bottom Line

Appraisals aren’t just red tape—they protect you. They make sure you’re making a solid investment, not just an emotional purchase. Understanding how this step works ahead of time gives you confidence when the report comes back.

If you’re a first-time buyer and want to learn more about programs that can make the process easier, check out my guide here: First-Time Home Buyer Assistance Programs in New Bedford & Massachusetts