For how long is an appraisal considered an accurate estimate of probable market value?

An appraisal is considered an accurate estimate of probable market value for a relatively short duration, as real estate markets can fluctuate frequently due to various factors such as changes in supply and demand, economic conditions, or comparable sale prices.

While it might seem reasonable to think that the validity of an appraisal would extend for a longer period, the reality is that a 1-day timeframe reflects the notion that market conditions can change rapidly, thereby affecting property values almost immediately. This can be especially true in volatile markets or during economic shifts, reinforcing the need for up-to-date evaluations as part of the appraisal process.

Longer durations like 1 month or 1 year may not adequately account for these potential fluctuations, making a 1-day estimate more appropriate under standard real estate appraisal practices.