What is a real estate appraisal?



In non-technical terms, an appraisal is an objective, supported opinion of the value of an adequately described piece of property, made by a person who has sufficient knowledge and experience to accurately estimate its value.

Appraisers use comparable sales, rental information and listing data, plus information about the property being appraised (the subject property), its neighborhood, community, and region, and the local and national economy, to support their value estimates.

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