A residential real estate appraiser assesses homes' values for loan, tax, insurance, and other purposes. The appraiser evaluates single-family homes, land, and condominiums, among other residential properties. To obtain an objective and accurate valuation for property, the appraiser needs examine factors such as the history of the property, market trends, an in-person assessment of its condition, and the selling prices of similar homes in the area. After the appraisal has been carried out, the appraiser makes a report documenting the evidence for their valuation; these documents are then given to the appropriate parties, such as the appraiser's manager, a bank, and/or the customer intending to purchase the home.
Real Estate Appraiser, Residential Tasks
Conduct inspections of properties to identify factors which could influence property value.
Research property sales history, value of neighboring homes, and the value of homes in the region.
Calculate estimates of the value of property for sales, mortgages, and loans.
Create written reports detailing estimation process and results.