What is the primary purpose of an appraiser's assessment of property value?

The primary purpose of an appraiser's assessment of property value is to determine the fair market value for various purposes. This valuation is essential in many contexts, including buying and selling properties, refinancing loans, and settling estates. Fair market value reflects what a property would sell for under normal market conditions, taking into account factors such as location, condition, and comparable sales data.

By establishing a fair market value, appraisers provide a balanced and unbiased estimate that serves the interest of buyers, sellers, and lenders alike, which is crucial for making informed financial decisions. This value is often used in assessments for obtaining loans or creating listings for properties, ensuring that stakeholders have a realistic basis for their transactions.

While establishing the highest possible selling price, ensuring accurate property taxes, and assisting in negotiation processes are important aspects of real estate transactions, they are secondary to the foundational role of an appraiser in determining fair market value. This value serves as a critical benchmark for these other activities.