What is considered the best source of information for appraisals?

The local market is considered the best source of information for appraisals because it provides the most relevant and accurate data related to specific properties and trends within a geographic area. Appraisers rely on local market conditions, such as recent comparable sales, current listings, and neighborhood characteristics, to establish a property's value. These factors can significantly vary from one locality to another, making localized information essential for informed appraisal decisions.

While national databases can offer broad insights and trends, they may not reflect the unique conditions of a specific market. Online listings provide current information about available properties, but they do not always include sales data or insights into property values. Real estate textbooks can provide theoretical knowledge and methodologies but may not contain the most current or local information needed for practical appraisals. Thus, the local market stands out as the most essential source for accurate and relevant appraisal data.