What is an Appraisal?

• Let's start with a basic definition of what an appraisal is. An appraisal is the most likely price a property will sell for, based on an average transaction between educated parties and typical marketing time in that market.

  An appraisal could be reported as a range of value to meet the customer's needs. In some cases, a homeowner may have many extra amenities in their home and may not be in a hurry to sell. This product could be offered so that the homeowner may know where to start pricing a home while leaving room to negotiate. It is important to note that an appraisal does not provide the highest possible price, but the most likely price in that property's market.

  An appraisal is a snapshot in time and opinion of the real estate market sales prices, based on date, scope of work, and property amenities.