What is an Appraisal in Real Estate?

When it comes to buying or selling a property, the term 'appraisal' often comes up. But what exactly is an appraisal? In real estate, an appraisal refers to an expert estimate of a property's market value. This is typically conducted by a professional appraiser, who uses a variety of factors to determine the value of a property. These can include the property's size, location, condition, comparable properties in the area, and more. Appraisals are crucial in the home buying process, as they help to determine the fair market value of a property and ensure that the amount of money requested in a mortgage loan is appropriate.