Inspecting Your House Appraisal

Contrary to what some who are unfamiliar with the real estate market believe, a home appraisal differs from an inspection. Inspectors check for potential problems and analyze what major or minor repairs will be necessary. Appraisers determine the fair market value of your home.

In order to come up with a number, appraisers look at a variety of determinants. They consider the cost of comparable houses in your neighborhoods. They also factor in current market conditions. Like an inspector, an appraiser will examine your home inside and out.

The report the appraiser generates will contain an explanation of how he or she ascertained the property value. It will explain the effect of current market trends on the number. It will also include a market analysis that backs and justifies the appraisal.