What kind of data should an appraiser consider when collecting data?

An appraiser should consider all factors that may influence property value because property valuation is a complex process that takes into account a multitude of elements. This includes not only the physical characteristics of the property itself—such as size, location, and condition—but also market conditions, economic factors, and comparable sales data. By evaluating a comprehensive range of influences, the appraiser ensures that the property is assessed accurately based on its true market value.

When appraisers ignore certain types of data, such as buyer financials, assessed values, or property taxes in isolation, they risk overlooking critical aspects of the property's value. For instance, understanding local market trends and comparable sales can reveal how much buyers are willing to pay for similar properties, which is crucial for a fair appraisal. Therefore, integrating a wide array of data points leads to a more reliable and well-rounded evaluation of the property's worth.