Property Valuation
In Wyoming, when the Casper or Cheyenne residential market has more buyers than available homes (seller's market), appraisers would expect:
ADeclining property values
BUpward pressure on property values and shorter time on market for comparable sales✓ Correct
CNo change in values since appraisals are not affected by market conditions
DIncreased cap rates for residential properties
Explanation
In a seller's market with low inventory and high demand, competitive bidding drives values upward and properties sell quickly. Appraisers observe these market conditions through rising comparable sales prices, short days on market, and above-asking-price sales.
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