Home Appraisal

A home appraisal is an expert's evaluation of a property's value, typically conducted by a licensed appraiser. It considers factors such as the home's size, condition, location, recent sales of similar properties, and market trends. The appraisal helps lenders determine how much money they should lend for a home purchase or refinance, ensuring the property's value justifies the loan amount. For homeowners, it provides an independent assessment of their property's worth, which can be useful for selling, refinancing, or planning renovations. Overall, it’s a professional estimate aimed at establishing an objective market value.