Which of the following best describes the focus of residential appraisals?

The focus of residential appraisals is primarily on valuing single-family homes and small residential units within the context of the market. This involves analyzing comparable sales, current market conditions, and property characteristics to determine the fair market value of a property. Residential appraisals are essential for buyers, sellers, and lenders to understand how a property is priced and how it fits within the larger real estate market.

Residential appraisers typically consider various factors, such as the location, size, condition, and amenities of a home, along with recent sales of similar properties in the area. This method helps ensure that the appraisal reflects the specific nuances of the residential market, as opposed to broader commercial properties or historical considerations.