What is the purpose of the opinion of value developed by an appraiser?

The purpose of the opinion of value developed by an appraiser fundamentally revolves around providing a professional assessment of worth. This assessment is grounded in a thorough analysis of various factors that influence property value, including location, market conditions, property characteristics, and comparable sales. The appraiser's expertise allows them to offer an impartial and informed estimate meant to reflect the true market value of the property.

While informing potential buyers and tax assessment can be outcomes of an appraisal, and compliance with legal requirements may also guide the process, the core purpose of developing an opinion of value is to deliver a well-researched and credible evaluation useful for clients, lenders, and stakeholders involved in real estate transactions. This professional assessment is essential for making informed decisions related to buying, selling, or financing properties.