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"Exposure Period" or "Exposure Time" in real estate refers to the amount of time a property has been on the market and advertised to potential buyers.
For example, let's say a house is listed for sale and has been advertised online and in local newspapers for three months. In this case, the exposure period for the house would be three months, as it has been available for potential buyers to see and consider purchasing during that time.
"A Deep Dive for Real Estate Appraisers"
Exposure Time is essential for appraisers because it helps them understand how long it might take for a property to sell under normal market conditions. By considering the exposure time, appraisers can make more accurate assessments of a property's value. If the exposure time is too long, it might indicate that the property is overpriced or there are issues affecting its desirability. If the exposure time is too short, it could suggest that the property was underpriced or that there was an unusually high demand.
"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"
In the land of appraisal, where values are found,
Exposure Time matters, it's truly profound.
For appraisers, it helps them to see,
How long it might take, for a sale to be.
Too long or too short, each has its woes,
It tells appraisers what they need to know.
If too long it has been, there might be a hitch,
Perhaps the price is too high, or there's a glitch.
But if too short, the story may twist,
Was the price too low, or high demand on the list?
So, appraisers take note, and look close at the time,
For in the Exposure Time balance, they'll find value to chime.