A local expert. I understand what that means regarding being competent to do the appraisal. As a licensed appraiser in  New Jersey, I know most of the markets.  In mortgage lending in the residential market, they try to keep you local to avoid time on the road and faster turn time.  As I expanded my appraisal business, I began to understand that you should be able to do any type of property in any location as long as you are competent in the local area. Thus, this can mean driving the area and talking to buyers, sellers, realtors, and attorneys. I would venture to say any good appraiser should be able to familiarize themselves with an area to do a fair market value appraisal. Certain regions have characteristics you must know that affect the value.  For example,  there are waterfront properties, but any good appraiser should immediately determine that waterfront properties require waterfront sales.  I have seen situations where an appraiser did not use waterfront sales on waterfront property. I am very comfortable with waterfront properties, whether a lagoonfront location in Forked River or oceanfront property in Long Beach Island. I have completed reports on both.

I live in Whiting, NJ, Manchester Township, in a 55-plus community.  Does that make me an expert in 55 plus? Of course. I have completed appraisals in the area, so I know the area and what to look for. I am familiar with it because I live here.  Ultimately, if you work in a specific area, you most likely become the local expert. You are assigned an appraisal and go to that area as long as you are competent. As an appraiser, you go where your assignment is. I have done land appraisals in Jersey City, NJ.  If you know the city, transportation is public, like in most urban areas.  The subject property I appraised was located in a redevelopment zone and within the Path Transit system.   I had to find land in similar redevelopment zones and looked for nearby Path stations.  An essential factor, land closer to the Path trains, was at a premium, which makes logical sense.  Again, you can quickly be a local expert by researching correctly.