Property Valuation
In Michigan, when appraising a property in the Detroit urban market, an appraiser must consider:
AOnly national average comparable sales
BNeighborhood-specific market conditions, including blight, vacancy rates, and ongoing revitalization efforts✓ Correct
COnly properties within a 1-mile radius regardless of comparability
DOnly properties listed in the past 6 months
Explanation
In Detroit and other Michigan urban markets, appraisers must carefully analyze local neighborhood conditions including blight, vacancy, and revitalization activities that can significantly affect value. Market areas may be defined by neighborhood boundaries rather than arbitrary distance radii.
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