What market indicators might an appraiser look at during an appraisal?

An appraiser focuses on quantitative and qualitative data to assess property values, and market indicators provide critical insights into the current real estate landscape. Sale prices indicate the amount buyers are willing to pay for properties, which directly influences appraisal values. The number of active listings helps appraisers understand the supply side of the market; a high number of listings may suggest a buyer's market, while fewer listings may indicate a seller's market. Days on market reflect how long properties take to sell, which can indicate demand; shorter times suggest a hot market where properties are in demand, while longer times might suggest the opposite.

These elements combined help appraisers objectively evaluate a property's worth based on current economic conditions. They provide a more comprehensive view of the market instead of relying solely on more subjective factors, such as personal feelings or external, unrelated factors like weather patterns. Thus, the focus on sale prices, active listings, and days on market is essential for accurate and relevant appraisals.