Who typically conducts an appraisal?

An appraisal is typically conducted by a qualified appraiser. This professional is trained and licensed to assess the value of a property using various methods, such as the sales comparison approach, cost approach, or income approach. These methods take into account factors like the property's condition, location, recent sales of comparable properties, and market trends. The appraisal is an essential part of the buying, selling, and financing process in real estate, as it provides an objective assessment of property value that helps all parties involved make informed decisions.

In contrast, real estate agents may provide market analyses to help in pricing a property, but they are not authorized to conduct formal appraisals. Buyers might have personal opinions about the value of a property but lack the formal qualifications and framework to deliver an unbiased appraisal. While lenders may rely on appraisers to determine the value of a property before approving a mortgage, they themselves do not conduct the appraisal; they solicit the expertise of qualified appraisers for this essential task.