05/28/2026
APPRAISAL: an unbiased professional evaluation of a property's value. It's typically conducted by a licensed appraiser who considers various factors to determine how much a property is worth in the current market.
🔹 Why it matters:
✅ For buyers – Ensures you're not overpaying for a home by confirming its value.
✅ For lenders – Protects the bank by confirming the home’s value aligns with the loan amount.
✅ For sellers – Provides a realistic price range if you're looking to sell.
🔹 What the appraiser considers:
✅ Location – The desirability and market conditions of the area.
✅ Size and condition – Square footage, layout, and overall upkeep of the home.
✅ Comparable properties – Sales prices of similar homes in the neighborhood (called "comps").
✅ Upgrades – Any renovations or unique features that could impact the value.
Once completed, the appraiser will provide a report that includes their estimated value of the home. If the appraisal is lower than the agreed-upon price, negotiations or adjustments may be needed.
