What is the primary concern of an appraiser when determining market value?

The primary concern of an appraiser when determining market value is current market conditions. This is because market value is fundamentally influenced by the most recent information regarding supply and demand within a specific real estate market. Appraisers analyze factors such as recent sales of comparable properties, geographical trends, current economic indicators, and overall market activity to assess what buyers are willing to pay for a property at a particular moment in time.

Current market conditions reflect the dynamics that can affect property values, including fluctuations in pricing, changes in interest rates, local economic development, and buyer sentiment. By focusing on these conditions, an appraiser can provide a more accurate and relevant opinion of value that reflects the realities of the market as it stands when the appraisal is being performed.

In contrast, personal bias might influence an appraiser's judgment but should never factor into a professional appraisal. Property taxes, while important for owners and local governance, are based on assessed values rather than actual market value and therefore are not the primary concern of appraisers. Historic data can provide useful context and comparatives, but it does not capture the immediacy of current market dynamics, which is crucial for determining an accurate market value today.