What does an appraiser evaluate in a property?

An appraiser's primary role is to determine the fair market value of a property. This assessment involves analyzing various factors such as the property's location, its physical characteristics, recent sales of comparable properties in the area (also known as "comps"), and current market trends. The appraiser uses established methodologies and criteria to arrive at an objective and unbiased value that reflects what a willing buyer would pay a willing seller in the current market.

While aspects like structural integrity, zoning compliance, and potential repair costs may factor into the overall evaluation process, they do not directly define the appraiser's primary objective, which is to establish fair market value. Understanding this role is vital for anyone involved in real estate transactions, as appraisals significantly influence buying, selling, and lending processes.