Property Valuation
In Pennsylvania's Pittsburgh market, a comparable sale that closed 8 months ago may require what type of appraisal adjustment?
AA location adjustment to account for neighborhood differences between sales
BA time adjustment or market conditions adjustment to reflect price changes since the comparable sold✓ Correct
CA physical condition adjustment only, not a time-based adjustment
DNo adjustment is needed for comparable sales that closed within 12 months
Explanation
When comparable sales are not recent, appraisers apply a market conditions or time adjustment to account for price appreciation or depreciation since the comparable's sale date. In an appreciating Pittsburgh market with 4% annual price growth, an 8-month-old sale might warrant an upward adjustment of approximately 2.
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