Valuation of a home typically involves inspecting the property, analyzing relevant data, and applying appropriate valuation methods (such as the market comparison approach or cost approach).
Appraisers will generally assess factors such as location, condition, amenities, recent sales, and market trends to determine the property's value. A comprehensive report is then prepared, detailing the value, data, and reasoning behind the valuation. Valuation serves as a crucial step in real estate transactions, providing objective estimates of property worth.