Property Valuation
An appraiser in Houston performing an appraisal on a property located in a rapidly gentrifying neighborhood should give the most weight to:
AHistoric sales from 5+ years ago in the neighborhood
BThe most recent arm's length sales from the most similar, geographically proximate properties✓ Correct
CThe county appraisal district value
DThe cost approach only since values are changing
Explanation
In rapidly changing markets, the most current and geographically proximate comparable sales best reflect current market value. Older sales or sales from different neighborhoods may not capture the current market dynamics.
Related Texas Property Valuation Questions
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