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To effectively support market condition adjustments in line with recent Fannie Mae guidelines, appraisers can use a variety of market analysis techniques. These methods provide a solid foundation for demonstrating how changing market conditions affect property values over time.
Earlier this year, we asked our real estate appraisal community, “What’s the ONE thing that is most often overlooked by appraisers?” ” Highest and Best Use is the reasonable, probable, and legal use of vacant land or an improved property. Free Download: Looking to upgrade your appraisal license?
Market Value: The likely price a property would fetch in an open, competitive market under fair conditions. Lenders, appraisers, and brokers typically reference market value when determining loan amounts or pricing recommendations. Often used for special-purpose properties (e.g., Direct control but higher time commitment.
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