Type of value to be estimated. Value-in-Use, or Value-in-Exchange?
• Important regional, city, and neighborhood data • Social, economic, governmental, environmental, and physical influences • History of ownership and use of the property • Subject parcels’ site and improvement data • Recent sales and possibly current listings • Current inventory of competitive properties • Market supply and demand • Vacancies rates • Absorption rates • Capitalization rates • Highest and best use analysis: land as though vacant and as improved • Market area and neighborhood delineation • Paired sales analysis and land value estimates • Cluster Analysis • Application of the best approach to value • Reconciliation of value indications
