What is a real estate appraisal?

A real estate appraisal is an unbiased assessment of a property's value, typically conducted by a licensed appraiser. This process involves a thorough analysis of various factors related to the property, including its location, condition, size, and the features it offers, as well as recent sales of comparable properties in the area. The appraiser uses standardized methods and criteria to ensure that the valuation is fair and objective.

The importance of a real estate appraisal lies in its role in various transactions, such as buying or selling a property, refinancing a mortgage, or during assessments for property tax purposes. It provides crucial information that helps stakeholders make informed decisions based on the actual market value of the property.

Other options provided do not accurately describe the nature of a real estate appraisal. For instance, estimating property taxes relates to the governmental assessment rather than an objective valuation by an appraiser. Marketing methods pertain to strategies for selling a property rather than determining its worth, and assessments of neighborhood uses focus on zoning and land use rather than the individual property's value itself.