The Appraisal Process
Appraisals are reports of an appraiser’s findings based on their analysis of all information relevant to estimating current market value. Appraisal reports reflect the written opinions of a credentialed appraiser who has gathered data from public sources, conducted site visits and inspections, identified comparable properties in the area, verified client information, analyzed comparables, and developed forecasts for future price changes.
Once an appraiser has completed this process, he or she will use knowledge of specific markets and statistical techniques, such as regression analysis, to determine current market values for homes in those exact geographic locations.