Which strategy might be used to enhance the accuracy of appraisal models?

Using multiple data sources to enhance the accuracy of appraisal models is a sound strategy because it allows for a more comprehensive view of the market and the properties being appraised. When various data sources are integrated, the model can incorporate a wider range of relevant information, including different property characteristics, market conditions, and historical sales. This richness of data helps to identify patterns and relationships that may not be visible when relying on a single source, ultimately leading to more accurate appraisal outcomes.

Furthermore, diverse data inputs help to mitigate the risks associated with potential biases or limitations inherent in any one dataset. For example, using sales data, rental income data, and economic indicators together can provide a holistic view of property value trends. This multifaceted approach increases the robustness of the model and supports more reliable valuation conclusions.

On the other hand, the other strategies, such as ignoring outliers or focusing on singular factors, can lead to oversimplifications that reduce the accuracy of the appraisal model. Simplifying to one factor or disregarding outliers can overlook critical nuances in the data that might be essential for accurate assessments. Standardizing all values might also strip away the variability that is crucial for accurate modeling, leading to bland or less reflective outputs. Hence, utilizing multiple data sources is