What type of data is often considered "primary data" in appraisals?

Primary data in appraisals refers to information that is gathered directly from the source, specifically relating to the property being valued. This often involves direct observations or measurements of the property itself. For example, an appraiser might assess the physical condition of a building, measure its dimensions, or evaluate the layout and design features first-hand. This type of data is raw and specific to the property being appraised, making it highly relevant and accurate for the valuation process.

In contrast, market sales reports, statistics from real estate studies, and historical property sale prices are classified as secondary data, as they are derived from existing information or analyses rather than direct observations of the specific property being appraised. Secondary data can offer valuable insights and context but does not provide the immediacy and precision of data collected firsthand. Thus, direct observations or measurements are key to establishing a foundation for an accurate appraisal.