What is the primary purpose of a date in an appraisal report?

The primary purpose of a date in an appraisal report is to define the market conditions under which the appraisal was made. Including a date helps establish the timeframe of the market data and conditions being assessed. Real estate markets can fluctuate significantly over time due to various factors such as economic trends, changes in demand and supply, and shifts in interest rates. Therefore, knowing the specific date on which the appraisal is based gives stakeholders, including buyers, sellers, and lenders, a clear context for the valuation provided.

Identifying when the appraisal was conducted is crucial for interpreting its relevance to current market conditions. Although a date might seem merely like a formal requirement, it actually plays a critical role in maintaining the appraisal's accuracy and trustworthiness by linking it to specific market dynamics.