During the appraisal process, what does 'adjustments for differences' specifically aim to address?

'Adjustments for differences' specifically aim to address comparable property values within the appraisal process. When appraisers assess a property, they often rely on sales data from comparable properties, which share similar characteristics and market conditions. However, no two properties are identical, and there can be significant differences in aspects such as location, size, condition, and amenities.

To arrive at an accurate value for the subject property, appraisers make adjustments to the values of the comparable sales to account for these differences. This ensures that the assessed value reflects not only the general market trends but also the unique features and contexts of the properties being compared. By systematically adjusting for variances in comparable property values, appraisers achieve a more precise and fair estimate of the subject property's market value.

While other factors like market trends, physical property features, and economic conditions can impact property values, adjustments during the appraisal process primarily focus on the specific differences between the subject property and the comparables to ensure a relevant and accurate valuation.