A real estate appraisal is an unbiased, professional opinion of a property's value, conducted by a certified appraiser. It’s a comprehensive assessment that helps determine the fair market value of residential, commercial, or investment properties. Appraisals are used for various purposes, such as buying, selling, refinancing, financial reporting, tax assessment, or legal disputes. The appraiser evaluates factors like location, property condition, market trends, and comparable property sales to determine an accurate value.

 

The duration of a real estate appraisal depends on the type and complexity of the property. For a residential property, the process typically takes between 3 to 7 days. Commercial appraisals can take longer, often between 2 to 4 weeks, depending on the size of the property and the scope of the analysis. The process includes property inspection, research on comparable sales, and the preparation of the appraisal report.

Property valuations should be updated every 1 to 2 years to ensure the value reflects current market conditions. However, specific circumstances might require more frequent updates, such as significant changes in the real estate market, renovations or upgrades to the property, or legal and financial transactions like refinancing, tax assessments, or estate planning. Regular updates help keep valuations accurate and relevant, especially in a fluctuating market.

Several key factors influence a property’s value, including:

• Location: The desirability of the neighborhood, proximity to schools, amenities, and transportation.
• Market Trends: The overall condition of the real estate market, supply and demand, and economic conditions.
• Property Condition: The physical condition of the property, including age, maintenance, and any improvements or renovations.
• Comparable Sales: Prices of recently sold properties with similar characteristics in the same area.
• Size and Features: The size of the land and building, number of bedrooms and bathrooms, and additional features like a pool or garage.
• Zoning and Legal Factors: Zoning regulations and any legal issues that might affect the property’s use or value.