The Sales Comparison Approach
2nd step of elements of comparison
Conditions of sale
1st step of elements of comparison
Financing terms and cash equivalency
4th step of elements of comparison
Location
3rd step of elements of comparison
Market conditions at time of contract and closing
5th step of elements of comparison
Physical characteristics
Each appraisal approach relies on something to help determine a property's value. What does the sales comparison approach rely upon
The sales comparison approach relies on comparable properties to help determine adjusted market price.
Bracketing
a process in which an appraiser determines a probable range of values for a property by comparing a group of comparable sales to the subject
The sales comparison approach relies on comparable properties to help determine this:
adjusted market price
What is an element comparison
are used to analyze both the locational and physical characteristics of property and transaction differences of the comparables. They explain why different prices are paid for comparables. The qualitatively side of comparison.
What is an unit comparison
may be price per square foot, per room, per apartment unit, per acre, etc. The quantitatively side of comparison.
correlation process
the most weight may be given to one or two of the sales that are presented, or equal weight may be given to all.