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The following is a guest blog by Benjamin R. Sellers, MAI.
Market analysis sets the stage for the valuation of a property. If it’s not right, then the value of the property likely won’t be defensible.
Why market analysis is important
The market analysis section of most appraisal reports is often overlooked in terms of applicable data and analysis relating to the subject property and the market in which it competes. Too many appraisers take a “one size fits all” approach to this section.
Appraisers must recognize that the market is constantly changing, and that certain scenarios require a higher level of analysis to provide a credible report for the intended user. There is no fixed formula, and certain relevant criteria must be addressed in complex assignments.