When appraising residential property, which factors are considered most important?

Marketability and acceptability are crucial factors in the residential property appraisal process as they directly influence the property's value in the eyes of potential buyers. An appraiser focuses on how easily a property can be sold in the current market (marketability) and how well it meets the expectations and standards of buyers (acceptability).

Marketability considers various aspects, such as location, amenities, and recent sale prices of comparable properties, all of which can impact how desirable a property is to potential buyers. Acceptability involves evaluating the property’s alignment with current market trends, buyer preferences, and neighborhood standards. When these two factors are strong, a property typically commands a higher value, as it is likely to attract more interest from buyers.

In comparison, while age and condition of the property, neighborhood demographics, and type of financing available are important considerations in an appraisal, they play a supportive role in establishing market value, as they often influence marketability and acceptability.