What type of data should appraisers prioritize for accuracy in their appraisal reports?

Appraisers should prioritize market data for accuracy in their appraisal reports because this type of data reflects actual transactions and conditions in the real estate market. Market data includes recent sales prices of comparable properties, current listings, and any changes in economic conditions that affect property values. This data is crucial for establishing a property's value based on real-world examples and trends, making it the most reliable source for appraisals.

In contrast, ancillary data, while informative, does not directly impact the valuation as strongly as market data. Theoretical data is focused on models and theories that may not represent current market conditions, and hypothetical data involves assumptions that may not hold true in actual situations. Relying on accurate market data helps appraisers produce realistic and credible appraisal reports, which are essential for clients making important financial decisions.