What is an appraisal? If someone is considering purchasing a significant amount of property, they might have to get an appraisal. An appraisal is a review of the value of a house or any form of real estate. It can be performed for free, but in general isn't. Get more information about Assessment Appraisal Syracuse, NY Is an appraisal a good thing? An appraisal is a specialist opinion on the worth of a property, usually performed by a licensed appraiser. Appraisals are required for selling a house or when you are taking out a house equity loan or refinancing mortgages. The appraiser will visit the property and analyze elements like the location, size, age and condition as well as recent sale of comparable properties similar to the one in the area. After they have completed their analysis the appraiser provides a written report with their estimation of the property's worth. While an appraisal can't be described as an exact science, it does give you and your mortgage lender ...