Where does an appraiser get the information used to estimate value?
data is one of the primary roles of an appraiser. Data can be divided into Specific and General.
Specific data is gathered from the home itself. Location, condition, amenities, size and other
specific data are gathered by the appraiser during an inspection.
General data is gathered from a number of sources. Local Multiple Listing Services (MLS) provide data on
recently sold homes that might be used as comparables. Tax records and other public documents verify
actual sales prices in a market. Flood zone information is obtained from FEMA and
other data sources. And most
importantly, the appraiser gathers general data from his or her past experience
in creating appraisals for other properties in the same market.