A real estate appraisal is an expert assessment of a property's value, typically conducted by a licensed appraiser. This process involves evaluating various factors, including the property's location, size, condition, and recent sales of similar properties in the area. The goal is to determine a fair market value that can be used for buying, selling, or financing the property. Appraisals are often required by lenders during the mortgage process to ensure that the loan amount aligns with the property's worth. They help protect both buyers and sellers by providing an unbiased estimate, ensuring that transactions are fair and transparent.