The appraisal process is a systematic evaluation of a property's value, often conducted by a professional appraiser. This process typically involves inspecting the property, analyzing comparable sales in the area, and considering factors such as location, condition, and market trends. The appraiser then compiles this information into a report that provides an estimated value. This process is crucial for various transactions, including buying or selling a home, refinancing a mortgage, or determining property taxes. Accurate appraisals help ensure fair pricing and protect the interests of both buyers and sellers in the real estate market.