What are the two categories of property data?

The classification of property data into general and specific provides an important framework for understanding the nuances of property valuation and analysis. General data encompasses broad, overarching characteristics relevant to property types or areas, such as economic trends, demographic information, and general market conditions. This type of data is useful for obtaining a foundational understanding of the property market and the influences that may affect property values.

Specific data, on the other hand, refers to detailed data points about a particular property, such as its physical attributes, location specifics, zoning, and condition. This information is crucial for making precise assessments or valuations of individual properties, enabling evaluators to account for unique factors that may influence market value.

By categorizing property data into these two distinct groups, evaluators can more effectively analyze and compare properties, leading to more accurate valuations and better-informed decisions. Understanding the difference between general and specific data allows for a comprehensive approach to property evaluation, ensuring that both overarching trends and individual characteristics are considered.