Who is qualified to estimate the value of real property?

An appraiser is a qualified professional specifically trained to estimate the value of real property. Appraisers utilize standard methodologies, such as the sales comparison approach, cost approach, and income approach, to provide a detailed and objective valuation of a property. They take into account various factors including the property's condition, location, features, and market trends, ensuring that their assessments are accurate and reflective of current market conditions.

While real estate agents can estimate property value based on market analysis, their primary focus is on assisting in buying and selling properties rather than providing formal valuations. Home inspectors conduct thorough examinations of a property's condition to identify issues and defects but do not produce valuations. Assessors typically work for local government entities to determine property values for taxation purposes, often using different criteria than appraisers and may lack the certification required for independent appraisals.

The role of an appraiser is essential in transactions such as mortgage lending and property sales, as lenders and buyers rely on these unbiased valuations to make informed decisions.