When is it necessary to analyze prior listings of the subject property in a real property appraisal assignment?

Analyzing prior listings of the subject property is essential during a real property appraisal assignment when such analysis is relevant to the current assignment. This necessity stems from the appraisal process, which aims to derive the most accurate and justified valuation of a property. By examining prior listings, an appraiser can gather pertinent information about the property's past market performance, pricing trends, and any patterns concerning buyer interest or adjustments made to the property over time. This analysis helps in assessing the current property's value more effectively by providing insights into how it has been perceived in the market previously, which can influence its current valuation.

While there may be circumstances under which an appraiser might choose to conduct or omit such analysis, the key factor is the relevance to the specific property and its current appraised value. In contrast, requirements from clients or arbitrary decisions made by the appraiser do not replace the foundational importance of data relevance in the appraisal process. The consideration of this data becomes vital during any appraisal, whether full or not, when it aids in providing an accurate market analysis and valuation.