What is an 'Appraisal'?

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What is an 'Appraisal'?

Written By: Linda Nelson ~ 11/3/2021

An appraisal is the best way to estimate your property's fair market value. A property's appraisal value is influenced by recent sales of similar properties and by current market trends. The home's amenities, the number of bedrooms and bathrooms, floor plan functionality, and square footage are also key factors in assessing the home's value. The appraiser must do a complete visual inspection of the interior and exterior and note any conditions that adversely affect the property's value, such as needed repairs or added additions to the home.