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VALUATION ANALYSIS (Continued) <br />EXPOSURE TIME: <br />Exposure time is defined in the 2014-2015 Edition of the Uniform Standards <br />of Professional Appraisal Practice as the "estimated length of time that the <br />property interest being appraised would have been offered on the market <br />prior to the hypothetical consummation of a sale at market value on the <br />effective date of the appraisal." Exposure time is a retrospective opinion <br />based on an analysis of past events assuming a competitive and open <br />market. The reasonable exposure time is a function of price, time, and use, <br />not an isolated opinion of time alone. <br />The exposure time of a particular property is a direct function of supply and <br />demand within a particular market segment. Generally, a higher demand <br />results in a shorter marketing period. During the course of extensive market <br />research, interviews were conducted of parties involved in the transactions <br />regarding the sale properties employed in the Sales Comparison Approach. <br />Based on said interviews, as well as interviews with a number of real estate <br />brokers and other market participants, the exposure time estimated for the <br />subject property, assuming an aggressive and comprehensive marketing <br />program, is estimated at approximately six to nine months. <br />LIDGARI) AND ASSOCIATES <br />APPRAISERS -CONSULTANTS <br />16 <br />20D-54 <br />