What is the typical outcome of a property appraisal?

A property appraisal primarily aims to determine the property's market value. This involves assessing various factors such as location, size, condition, and comparable sales in the area, allowing appraisers to evaluate what a property is worth in the current market. By arriving at an accurate market value, property appraisals provide essential information for buyers, sellers, and lenders, facilitating informed decisions regarding sales, purchases, or financing.

While listing potential buyers might be relevant for real estate transactions, it is not a function or outcome of an appraisal. Similarly, recommendations for repairs may be addressed during a home inspection rather than an appraisal, which focuses exclusively on value assessment. As for assessing mortgage eligibility, that's typically determined separately by lenders through financial evaluations rather than through the appraisal itself. Thus, the core purpose of an appraisal is to yield a precise valuation, which is why identifying the property's market value is the correct outcome in this context.