Appraisal

An appraisal is a formal and impartial estimate or opinion of value. An appraisal is just one person’s estimate of value, but that person may be an expert on the issue in question.

Appraisers do not determine market value: they collect and analyze market information and express an estimate of market value.

Only the real market, buyers, sellers, and other participants, fix the actual market value. The real estate market is neither consistent nor unchangeable. It is dynamic, with a variety of forces affecting supply and demand. The appraiser does not give absolutely precise opinion of value.