paired sales

paired sales

An appraisal technique used to find the value of a particular feature within a property, such as a two-car garage.If the appraiser can find two recently sold houses that are virtually identical except that one has a two-car garage and one does not, these are called paired sales. If the two-car garage is the only significant difference in the two,then the difference in the sale price must be attributable to the garage.In that manner,one may assign a value to a two-car garage.As a result, when employing the comparable sales method of appraising a house, the appraiser may confidently assign values to the various features that differ in the house under consideration from the houses that sold recently.

References in periodicals archive ?
Ideally, impact studies rely on paired sales to demonstrate diminution in value.
If the housing market is inefficient, price changes over the time intervals between the paired sales cannot be described as random walk," Cheng said.
The same underwriters who now insist on paired sales to accept an energy-efficiency or green adjustment did not question a garage adjustment based on cost alone before sales of houses with three-car garages could be found in the market.
It is expected that the impact of the mortgage crisis on paired sales with a prior foreclosure will show up only with a delay, as it takes time for homes purchased in a foreclosure sale to be sold or turned over again by investors or homeowners.
Well known to property appraisers are the Paired Sales Analysis used by Jackson (2001), Contingent Valuation Analysis (CVA) used by Carson, (2000); Clinch and Murphy, (2001), Option Pricing Model by Lentz and Tse (1995) and the Hedonic Model developed by Rosen (1974).
The total number of paired sales from 1991 to 2006 in the area to be annexed in 2002 was 5,404.
Thirdly, the paired sales analysis was applied to a dynamic west-side suburb of Cleveland where new construction impacts the relocation market significantly.
The Clear Capital Home Data Index (HDI) provides weighted paired sales, and price-per-square-foot index models that use multiple sale types, including single-family homes, multi-family homes and condominiums.
The draft explains that in the absence of sufficient data to perform a paired sales analysis.
In Falmouth, property values near existing wind turbines decreased by an average of 27 percent according to a paired sales appraisal analysis.
Sales from these "before" and "after" periods can be analyzed through variations of the three approaches to value (for example, multiple regression, paired sales or case study analysis) to determine an event's effect on value.
The paired sales in Table 1 present five indications of value.