It’s not up to us to determine a home’s worth — that’s what a licensed appraiser does. A home appraisal is an independent evaluation that provides an unbiased estimate of a property’s fair market value. Conducted by a neutral third party, an appraisal is required for most real estate transactions that involve a mortgage.
And since the majority of buyers rely on financing, appraisals are a standard part of the homebuying process. According to the National Association of Realtors (NAR), about 81% of primary residence purchases involve a mortgage, along with 43% of vacation home purchases.
