Auditor: Residential Property
A prospective buyer for a residential property is primarily interested in the property's capacity as a place to live. The property's location, size, quality, design, age, condition, desirability, and usefulness are the primary factors to be considered in making the buyer's selection. The buyer will rely heavily upon observation and his own intelligence, knowing what he can afford and comparing what is available. One property will eventually stand out as more appealing than another.
The residential appraiser must rely upon the market data approach. The residential appraiser must analyze the selling prices of comparable properties and consider the same features the buyer considers: location, size, quality, design, age, condition, desirability, and usefulness. Likewise, when appraising a property for tax purposes, the appraiser must evaluate the relative degree of appeal of one property to another.