Property appraisal is the process of determining the value of a property, typically conducted by a professional known as an appraiser. This evaluation considers various factors, including the property's location, size, condition, and recent sales of similar properties in the area. The appraiser uses these details to provide an unbiased estimate of the property's market value. Appraisals are often required during real estate transactions, such as when buying or selling a home, refinancing a mortgage, or obtaining a loan. The resulting appraisal report helps buyers, sellers, and lenders make informed decisions based on the property's assessed worth.