A home appraisal is a professional assessment of the value of a residential property. The purpose of the appraisal is to determine the fair market value of the property, which is the price that the property is likely to sell for in the current market conditions.

The appraisal process typically involves a licensed appraiser visiting the property to inspect the interior and exterior of the home, including the structure, finishes, appliances, and other features. The appraiser will also consider factors such as the location, age, and condition of the property, as well as recent sales of similar properties in the area.

Home appraisals are often required by lenders when a buyer applies for a mortgage, as they need to ensure that the loan amount is not greater than the value of the property. Appraisals are also sometimes ordered by sellers to determine the fair market value of their home before putting it on the market.