Which date indicates the current market conditions for an appraisal?

The effective date is the date that reflects the current market conditions at the time of the appraisal. It serves as the benchmark for the value conclusion in the appraisal report. By determining a specific effective date, the appraiser ensures that the analysis takes into account the market trends, conditions, and economic factors that were relevant at that time. This is crucial, as real estate markets can fluctuate significantly over time, and an accurate reflection of current conditions is essential for a reliable appraisal.

The report date, on the other hand, refers to when the appraisal report is completed and delivered, which may not necessarily align with the current market conditions. The closing date signifies when a specific property sale occurs and does not reflect the broader market conditions that were relevant to the appraised property's value. The inspection date refers to when the appraiser physically examines the property, which also does not capture the current market conditions in a broader sense since multiple factors may change leading up to the effective date.

Thus, the effective date is the most pertinent to accurately assessing current market conditions for an appraisal.