- A region is the market area in which changes in economic conditions are likely to affect the fiscal performance of a particular property and thereby determine its value. A region is often defined as the metropolitan statistical area (MSA) in which a property is located.
- While regional analysis generally describes a given area, neighborhood analysis indicates the potential for a specific site to be successful. Neighborhood refers to the section of the larger region within which building generally compete with one another for residents. The area generally has common characteristics of population and land use. The neighborhood analysis should identify the selling points of the surrounding area as well as the undesirable features and the types of residents that will be attracted to the area.