What does an appraisal typically determine regarding a property?

An appraisal primarily serves to establish the estimated value of a property. This process involves a professional appraiser conducting a detailed analysis that considers various factors, such as the property's location, size, condition, comparable sales in the area, and overall market conditions. The appraiser’s goal is to provide an unbiased assessment of what the property is worth at a given time, which can be crucial for buyers, sellers, and lenders involved in real estate transactions.

Understanding the estimated value is essential because it helps set realistic price expectations, informs financing decisions, and aids in negotiations. While aspects like the physical condition of the home or projected selling speed might influence value or strategies, they do not equate to the core purpose of an appraisal, which is to provide an objective valuation based on rigorous analysis.