A home appraisal is an assessment conducted by a professional appraiser to determine the market value of a property. This process typically involves a thorough inspection of the home, including its size, condition, and features, as well as an analysis of comparable properties in the area. Home appraisals are often required during real estate transactions, such as when buying or refinancing a home. The appraised value helps lenders decide how much money to loan and ensures that buyers are paying a fair price for the property.