What factor primarily determines a property's value according to appraisal standards?

The primary factor that determines a property's value according to appraisal standards is market value. Market value refers to the price that a property is expected to sell for in an open and competitive market, where buyers and sellers are both acting knowledgeably and willingly. This concept is fundamental in appraisal because it reflects the conditions of supply and demand, economic conditions, and buyer sentiment in a specific area at a given time.

Market value encompasses various elements, such as location, property condition, amenities, and comparable sales, allowing appraisers to objectively analyze what a property is worth. By relying on market value, appraisers can provide accurate, unbiased property assessments that are essential for various transactions, including sales, financing, and investment evaluations.

While other factors like aesthetic appeal, historical significance, and construction materials can influence a property's desirability and utility, they do not determine its value in the same direct manner as market value does. These aspects might enhance or detract from the property's overall appeal and price but are secondary to the prevailing market conditions that ultimately dictate value.