By Kim Jones
A home appraisal is one of the most consequential steps in a real estate transaction — and one of the least understood. Whether a client is buying, selling, or refinancing a property in Chesterfield or across the West County corridor, the appraisal can determine whether a deal closes, how it closes, and at what price. Kim Jones has guided buyers and sellers through hundreds of transactions across the St. Louis market over the past 19 years, and she consistently finds that clients who understand the appraisal process ahead of time are far better equipped to handle what comes up. Here is what every Chesterfield homeowner and buyer needs to know.
Key Takeaways
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A home appraisal is an independent assessment of a property's market value, required by lenders on most financed transactions
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Appraisers use recent comparable sales, property condition, location, and home features to determine value
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A low appraisal doesn't have to end a transaction — there are several ways to respond
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Sellers can prepare strategically to support a strong appraisal before the appraiser arrives
What a Home Appraisal Is — and Why It Happens
When a buyer finances a home purchase, their lender requires an independent appraisal before approving the loan. The lender needs to confirm that the property is worth at least the amount being borrowed. An appraiser — a licensed third-party professional with no stake in the transaction — visits the home, photographs each room, measures the property, reviews its condition and features, and compares it against recently sold properties in the area.
What the appraisal process includes
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A physical walkthrough and inspection of the property's interior and exterior
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Measurements of square footage and an assessment of room count, layout, and condition
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Comparison to three or more recently sold similar properties (called "comps") in the local market
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Evaluation of neighborhood characteristics, proximity to amenities, and location-specific factors
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A written report, typically 20 or more pages, delivering a final value conclusion
The appraiser's report is then submitted to the lender. If the appraised value meets or exceeds the purchase price, the loan proceeds to underwriting. If it comes in below, both parties have decisions to make.
What Affects an Appraisal Value in Chesterfield
Chesterfield's real estate market includes a wide range of property types — Wild Horse Creek estates, maintenance-free villas in the Valley, and newer construction in communities like Wildhorse Village. Appraisers weigh several factors when establishing value, and understanding those factors helps sellers prepare and helps buyers interpret the result.
Key factors that influence appraised value
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Recent comparable sales — The appraiser identifies similar homes that have sold within the past 90 days in the same area. Comp selection is one of the most important variables in the outcome.
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Property condition — Deferred maintenance, visible damage, peeling paint, worn finishes, or outdated kitchens and bathrooms can reduce appraised value. Move-in ready homes consistently appraise stronger.
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Square footage and layout — Gross living area is measured and compared to comps. Open floor plans typically read more favorably than compartmentalized layouts in today's market.
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Upgrades and improvements — Recent renovations to kitchens, bathrooms, mechanical systems, and roofing all support value. Improvements with documentation tend to carry more weight.
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Location and neighborhood — Position within Chesterfield matters. Proximity to parks like Faust Park, access to the Monarch Levee Trail, and performance within the Parkway or Rockwood school districts all factor into the local market context.
What Happens When an Appraisal Comes in Low
A low appraisal — where the appraiser's value falls below the agreed purchase price — does not automatically end a transaction. According to CoreLogic data, roughly 8.6% of homes sold in recent periods appraised below the contract price. In those cases, the parties have several options available to them.
Options when the appraisal falls short
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Renegotiate the price — The buyer and seller can agree to reduce the purchase price to the appraised value. This is the most common resolution.
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Buyer covers the gap — The buyer pays the difference between the appraised value and the purchase price out of pocket, separate from the down payment.
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Split the difference — The parties negotiate a partial price reduction alongside a partial buyer contribution.
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Challenge the appraisal — If the appraiser used incorrect comps, made measurement errors, or missed relevant data, the buyer's lender can request a reconsideration of value. This requires documented evidence and is not guaranteed to change the result.
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Walk away — If the buyer included an appraisal contingency — which, according to NAR data, roughly 80% of buyers in recent months retained — they may have the right to exit the contract without losing their earnest money.
Kim Jones works closely with her clients on both sides of this scenario, helping sellers understand their options and helping buyers assess the right response without making an emotional decision under pressure.
How Sellers Can Prepare Before the Appraiser Arrives
Sellers have more influence over the appraisal outcome than most realize. While an appraiser's job is to be objective, the condition, presentation, and documentation of a property all contribute to the final number.
Seller preparation steps that support a strong appraisal
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Address deferred maintenance before the appointment — leaky faucets, cracked tiles, damaged drywall, and worn exterior finishes are all items appraisers note and factor into condition scores
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Compile a list of all improvements made to the property, with dates and approximate costs, to give the appraiser a complete picture of upgrades
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Make sure the home is clean, accessible, and well-lit on appraisal day — first impressions affect how an appraiser moves through and documents the space
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Provide the appraiser with a list of recent comparable sales that support the price, particularly any that were not captured in the MLS or closed within the last 30 days
Kim Jones's pre-listing preparation process with sellers includes a thorough pricing analysis grounded in the same comparable sale data an appraiser will use — which means her clients rarely encounter a significant appraisal gap as a surprise.
Appraisals vs. Market Value: Understanding the Difference
One of the most common points of confusion Kim Jones addresses with clients is the distinction between appraised value and market value. They are related but not identical. Market value is what a motivated buyer and motivated seller agree to in an arm's-length transaction. Appraised value is a licensed professional's independent estimate of what the market would bear based on data.
In competitive markets — and Chesterfield's move-in ready inventory frequently generates multiple-offer scenarios — the agreed purchase price can exceed appraised value, particularly when buyers bid above list price. That gap is real, and planning for it ahead of time is part of what a strong agent brings to the transaction.
In competitive markets — and Chesterfield's move-in ready inventory frequently generates multiple-offer scenarios — the agreed purchase price can exceed appraised value, particularly when buyers bid above list price. That gap is real, and planning for it ahead of time is part of what a strong agent brings to the transaction.
Frequently Asked Questions
How long does a home appraisal take in the Chesterfield area?
The physical inspection typically takes one to three hours depending on the property's size and complexity. The written report is usually delivered within five to ten business days of the visit. Underwriting then proceeds once the lender reviews the report, which can add additional time to the overall closing timeline.
Can a seller dispute a low appraisal in a St. Louis transaction?
The appraiser is engaged by the buyer's lender, so the seller does not have direct standing to challenge the report. However, the buyer can request a reconsideration of value from the lender if they have documentation of errors or overlooked comparable sales. Kim Jones helps her sellers understand this distinction and how to respond constructively when an appraisal comes in below expectations.
Does an appraisal expire?
Yes. Most lenders require an appraisal to be completed within 120 days of the loan closing. If a transaction is delayed and the appraisal ages beyond that window, an update or a new appraisal may be required.
Navigate Your Chesterfield Transaction With Kim Jones
Understanding the appraisal process is one part of what it takes to move through a real estate transaction with confidence. Kim Jones brings 19 years of experience in the Chesterfield and West County market to every client relationship — and she makes sure her clients are informed at every step, well before any surprises arise.
Reach out to her to learn more about how Kim Jones guides buyers and sellers through every step of a Chesterfield transaction.
Reach out to her to learn more about how Kim Jones guides buyers and sellers through every step of a Chesterfield transaction.
