What acronym helps remember the factors that influence real property value?

The acronym that helps remember the factors influencing real property value is DUST. This stands for Demand, Utility, Scarcity, and Transferability. Each of these factors plays a crucial role in determining the value of real estate.

• Demand refers to the desire of buyers to purchase property at a given price during a specific time. Higher demand typically drives property values up.
• Utility measures the usefulness or functionality of a property. Properties that serve the needs of buyers are generally valued higher.
• Scarcity highlights the availability or limited supply of properties. When there is less property available for sale in a desirable area, values tend to rise.
• Transferability refers to the ease with which the ownership of property can be transferred from one person to another. Properties that can be easily sold or financed tend to have higher values.

Understanding DUST allows real estate professionals and appraisers to analyze the market effectively and make informed assessments about property value, ensuring that they can provide accurate appraisals.