When making adjustments for changing market conditions in a sale, what must be calculated first?

To determine the correct approach when making adjustments for changing market conditions in a sale, one must first calculate the overall changes in sale price. This step is critical because it provides a baseline understanding of how the market has influenced the property's value over time. Without knowing the overall changes, it would be challenging to accurately assess the impacts of other factors such as financing adjustments, inflation, or deflation.

Calculating the overall changes in sale price allows assessors to identify trends, whether prices have increased or decreased, and by how much, which then informs further adjustments. It serves as the foundation upon which specific calculations regarding percentage changes, financing, or inflation can be made, ensuring that all subsequent analyses are grounded in a clear understanding of the primary market dynamics at play.

The other choices focus on specific aspects that could affect an individual sale but do not prioritize the foundational understanding of the overall price changes in the market, which is essential for accurate valuations and adjustments.