What is an essential item that an appraiser must collect in the sales comparison approach during data collection?

In the sales comparison approach, it is crucial for an appraiser to gather both general and specific data. General data refers to broader market trends, conditions, and factors that affect property values, while specific data pertains to details about the subject property and comparable sales. Collecting general data helps the appraiser understand the overall market environment, such as neighborhood characteristics and economic factors. Specific data is essential for making precise comparisons between the subject property and comparable properties, allowing the appraisal to reflect accurate valuation insights.

The combination of general and specific data enables an appraiser to make informed decisions and adjustments necessary for establishing a market value based on actual transactions. This comprehensive approach ensures that the appraisal reflects not only individual property characteristics but also the surrounding market dynamics, which is key in the sales comparison approach.