In single property appraisal, how is value primarily determined?

In single property appraisal, determining value primarily involves measuring against a small number of comparable properties. This method focuses on identifying properties that are similar in key characteristics, such as location, size, age, and features, to ensure that the comparison is relevant and accurate. By closely analyzing these comparable properties, appraisers can adjust the value based on differences in attributes and market conditions. This targeted approach allows for a more precise valuation of the subject property, as it reflects current market trends and buyer preferences specific to that area.

Using a large number of comparable properties might dilute the relevance of each comparison, while relying solely on average values or historical data could overlook the unique qualities and current market dynamics affecting the single property in question.