What is the main focus of time adjustments in appraisals?

The main focus of time adjustments in appraisals is to ensure that comparably adjusted sales reflect the appraisal date. This process is essential because real estate markets can fluctuate significantly over time. When evaluating comparable properties, appraisers must account for changes in market conditions that have occurred between the dates of sale for the comparables and the date of the appraisal.

Time adjustments help to standardize the data so that the appraiser can make accurate comparisons. By adjusting for time, appraisers can more reliably estimate the current value of a property by reflecting the most relevant market conditions that would impact the property's value at the time of the appraisal rather than at the time of prior sales. This allows stakeholders, such as buyers, sellers, and lenders, to make informed decisions based on current market realities.

In contrast, while assessing property depreciation and evaluating physical upgrades to properties are important aspects of the appraisal process, they do not directly relate to the time aspect of market changes and do not ensure the comparability of sales data to the appraisal date.