For how many years prior to the date of appraisal must appraisers report and consider any prior sales of the subject property?

The requirement for appraisers to report and consider any prior sales of the subject property for a period of three years is established to ensure that they take into account relevant trends and conditions that may affect the property's value. This three-year window allows appraisers to analyze property value fluctuations and market dynamics, providing a more accurate and credible valuation.

Considering sales data from the last three years helps appraisers identify any significant changes in market conditions or property characteristics that could influence the current appraisal. For example, factors such as economic shifts, zoning changes, or neighborhood developments that have occurred within that time frame may impact the property’s value today. By reviewing this historical data, appraisers can provide a more complete and informed assessment, which is crucial for lenders, borrowers, and other stakeholders in the real estate transaction.