Which type of value is most concerning to appraisers?

The most concerning type of value for appraisers is value in exchange. This is because appraisers typically focus on determining what a property would sell for in an open and competitive market, which reflects the value in exchange. This value considers the most probable price a property could fetch, assuming both the buyer and seller are under no undue pressure to complete the transaction, and they have reasonable knowledge about the property and market conditions.

Value in use, while important in particular contexts like investment analysis, pertains to the utility of a property to a specific owner rather than its market value. Appraised value is a term that can encompass various approaches and considerations in an appraisal report but is not distinctly defined as the most concerning aspect in the market context. Market comparison value, although related to the appraisal process, is specific to methods used for valuation rather than the broad concept of value that concerns appraisers the most.

Focusing on value in exchange allows appraisers to provide an objective measurement that is crucial for buyers, sellers, lenders, and other stakeholders to make informed decisions regarding real estate transactions. This market-oriented perspective ultimately serves the specific needs of the real estate industry, making it a central concern for appraisers in their evaluations.