What is the main goal of a real estate appraisal?

The main goal of a real estate appraisal is to provide an unbiased opinion on property value. Appraisals are conducted by licensed professionals who assess the property based on various factors, including its location, condition, comparable sales, and current market trends. The objective is to determine a fair and accurate value for the property that can be relied upon by buyers, sellers, lenders, and other stakeholders involved in real estate transactions.

An unbiased opinion is crucial because it helps ensure that all parties involved in a transaction have a clear understanding of the property's worth, facilitating informed decision-making. This is especially important for transactions like mortgage financing, where lenders require appraisals to ensure that the loan amount is appropriate relative to the property's value.

The other options, while they may relate to specific scenarios in real estate, do not encapsulate the primary function of an appraisal. For instance, increasing a sale price is not a goal of an appraisal; rather, it seeks to reflect the true market value. Identifying potential buyers and establishing rental prices may be aspects of the real estate process but are not the central purpose of an appraisal.