What is the primary focus during fieldwork when visiting the subject property according to appraisal practice?

The primary focus during fieldwork when visiting a subject property is to research the local market and perform a market analysis. This stage is crucial because it allows the appraiser to gather firsthand information about the property and its surrounding area, which plays a significant role in determining property value. By understanding local market conditions, including supply and demand dynamics, property trends, and comparable property sales, the appraiser can create a more comprehensive and accurate valuation.

Fieldwork is the time to assess not just the physical characteristics of the property itself but also its position within the broader market context. This helps ensure that all relevant factors that could influence the property’s value are taken into account. Engaging directly with the environment provides insights that might not be available through secondary research alone.

While confirming sale comparables, obtaining rental comparables, and gathering replacement cost data are all essential components of the appraisal process, these tasks are typically secondary to the broader objective of understanding the local market landscape. Market analysis forms the foundation upon which those subsequent assessments are built, directly impacting the final valuation conclusion.