Real Estate Appraisal is the process of determining the value of a property, such as a house or commercial building. This assessment is typically conducted by a professional known as an appraiser, who evaluates various factors like the property's location, size, condition, and recent sales of similar properties in the area. The goal is to provide an accurate estimate of what the property is worth in the current market. Appraisals are essential for various reasons, including buying or selling a home, refinancing a mortgage, or assessing property taxes. They help ensure that buyers and sellers make informed decisions and that lenders have a reliable basis for approving loans.