Real estate appraisal is the process of determining the value of a property. This assessment is typically conducted by a qualified professional known as an appraiser, who evaluates various factors such as the property's location, size, condition, and recent sales of similar properties in the area. The goal is to provide an unbiased estimate of the property's market value. Appraisals are often required during transactions like buying or selling a home, refinancing a mortgage, or obtaining a loan. They help ensure that buyers and lenders have a clear understanding of the property's worth, which can influence financial decisions and negotiations.