What two types of data does an appraiser typically gather?

In appraisal practice, appraisers primarily gather two types of data: general and specific. General data refers to the broad market trends and conditions that affect real estate, such as economic indicators, zoning regulations, and community trends. This type of data helps appraisers understand the overall environment in which properties are bought and sold, providing context for the specific property being appraised.

Specific data, on the other hand, pertains directly to the property in question, including its physical characteristics, condition, location, and any unique features or attributes. This data is crucial for determining the value of the property itself, as it provides the detailed information necessary to perform a thorough analysis and arrive at an accurate valuation.

Understanding the difference between these two types of data is essential for appraisers since it enables them to create a comprehensive appraisal report that reflects both the general market conditions and the specific nuances of the property being appraised. This dual approach ensures that appraisers can deliver well-rounded and substantiated valuations.