What is a significant change regarding prior transfers in appraisals?

A significant change regarding prior transfers in appraisals is that they must be analyzed if available. This reflects a shift in the importance placed on understanding the property's transaction history. Analyzing prior transfers allows appraisers to gather relevant sales data and assess market trends, property value fluctuations, and the influences that previous transactions may have on the current appraisal. This analysis can enhance the overall accuracy and credibility of the appraisal report.

By requiring appraisers to analyze prior transfers, the emphasis is placed on potential market behaviors and historical data that can inform the current value assessment. This approach is aligned with the principles of transparency and rigor that are inherent in professional appraisal practice, promoting a more thorough evaluation that takes into account the full context of the property’s market activity.