An opinion of exposure time is mandated by USPAP 2014-15.  You will probably want to explain the logic behind your opinion.

 

From the USPAP 2020-21:   EXPOSURE TIME:  estimated length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of  the appraisal.

 

Comment:  Exposure time is a retrospective opinion based on an analysis of past events assuming a competitive and open market.

 

Typical comment regarding exposure time.

The estimated exposure time for the subject property is 1-3 months. This opinion is based on days on market of the comparable sales and other recent sales in the subdivision.  [USPAP 2020-21, SR 2-2(a)(v)]

 

Using the 1004MC

The estimated exposure time for the subject property is less than 3 months.  This opinion is based on the listings days on market as reported on the 1004MC. [USPAP 2020-21, SR 2-2(a)(v)]

 

Using Listings History

The estimated exposure time for the subject property is over six months.  This opinion is based on an analysis of the complete history of the comparable sales, pending sales, and the subject property. (USPAP 2014-15, SR 2-2(a)(v), lines 710-711)

 

Using Actual Exposure Time

The estimated exposure time for the subject property is 4-6 months.  This opinion is based on the actual exposure time of the subject property and an analysis of the complete history of the comparable sales, pending sales, and the subject property. (USPAP 2014-15, SR 2-2(a)(v), lines 710-711)

 

From Rey Cano, Malibu CA

The subject's estimated exposure time, at its appraised value is approximately 3 to 6 months.  This is typical for the subject's neighborhood and competing market area.  Exposure time is directly associated with the appraised value and is considered to be prior to the effective date of the appraisal. The exposure time estimate is based on the comparable sales' performance as well as the typical exposure time evidenced by the interviews of market participants and analysis of listing to closing dates indicated in the MLS for the area.  This is contingent on the listing price being reasonable and consistent with the market.

 

Modified:  11/14/2020