Getting a home appraised is an extremely important process for many reasons. The most common reason is to simply find out how much your property is worth; however a certified appraisal can help with other matters such as taxes and eliminating private mortgage insurance. A licensed appraiser can help you with estate planning, analyzing the feasibility of proposed improvements, determining the best use of a property and with insurance valuations.

An appraiser will analyze market data, including both historic and current comparable sales, current offers, pending sales and proposed improvements to arrive at the appraised value. The appraiser will also compare your property to the broader market. Depending on the purpose of the appraisal, the appraiser might choose to weigh different factors more heavily then others.

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An appraiser will pull from a wide variety of sources to generate the appraisal including using a local Multiple Listing Service, local real estate professionals, county courthouse records, private data vendors, interviews with owners, and his or her own personal knowledge. The quality and reliability of each piece of information is weighed by the individual appraiser.

Remember that an appraisal isn't a substitute for a professional home inspection. The appraiser formulates an opinion of the property's value for the lender, while an inspection educates the buyer about the condition of the home and its major components.

Knowledge of the home appraisal process -- and the differing credentials of those who provide appraisal services -- benefits home buyers and sellers alike. This knowledge is a powerful information tool to help you make wise real estate investment and sales decisions.