Which appraisal method should be prioritized when appraising both real and personal property?

When appraising both real and personal property, prioritizing the method with the most applicable data is crucial. This approach recognizes that different properties and situations require different appraisal methods based on the available data and the specific characteristics of the property being evaluated.

For instance, the Sales Comparison Approach is particularly effective in markets with sufficient comparable sales data, while the Income Approach is best suited for investment properties that generate rental income. The Cost Approach, on the other hand, focuses on estimating the cost to replace or reproduce the property. However, if applicable data is lacking for these standard methods, prioritizing the method that is most relevant to the specific details and circumstances of the property being appraised ensures a more accurate and reliable evaluation.

In essence, the decision to rely on the method with the most applicable data ensures that the appraisal considers the most relevant and recent information available, leading to a fair market value assessment. This flexibility is important in a diverse real estate landscape where properties can vary widely in their characteristics, purposes, and data availability.