What is considered the best source of information for property appraisal?

The local market is considered the best source of information for property appraisal because it reflects the actual conditions, trends, and values specific to the area in which the property is located. Appraisers rely heavily on local data, including recent sales of comparable properties, to arrive at an accurate estimation of value. Local market dynamics such as supply and demand, neighborhood characteristics, and local economic conditions all play a crucial role in determining property values.

While national statistics, online databases, and government property records can provide useful information, they often lack the granularity and context needed for precise appraisals. National statistics may not reflect recent changes that affect local property values, such as shifts in buyer preferences or unique neighborhood developments. Online databases can vary in quality and may not always provide the most current or relevant data tailored to a specific locality. Government property records are important for legal and historical context but may not capture real-time market trends that influence property valuation. Therefore, the most reliable insights come from a thorough understanding of the local market.