sales comparison approach


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sales comparison approach

See market comparison approach.
References in periodicals archive ?
The Minnesota Supreme Court previously affirmed the Tax Court's findings concerning gross building area and its rejection of petitioner's expert's sales comparison approach, but concluded that the Tax Court erred in rejecting petitioner's expert's discounted-cash-flow approach and, consequently, in failing to consider the income approach to value.
Property owner KCP Hastings (KCP) appealed this, and the Minnesota Supreme Court affirmed the tax court's findings concerning the gross building area, and the tax court's rejection of the sales comparison approach used by KCP's expert.
Buyers interested in purchasing residential property would rather compare prices of the identical properties and the Market Approach / Sales Comparison Approach would be more applicable.
Sales Comparison Approach -The sales comparison approach, as its name implies, looks to other sales of similarly situated homes from which to derive fair market value.
In Vermont, the sales comparison approach works very well, says Larry Martin, MAI, owner of Martin Appraisal Services in Montpelier.
The traditional appraisal sales comparison approach is based on sales of other properties that are thought to share similar salient characteristics with the subject, with adjustments made for dissimilar characteristics.
When the market sales comparison approach is applied, it is important to determine whether the sales have been adjusted to exclude business value.
Although the sales comparison approach is the most common and preferred method, the results obtained from mass valuation models are influenced by the number of market transactions used in the analysis and by the accuracy of the data, which are sales prices.
The sales comparison approach is a set of procedures in which a value indication is derived by comparing the property being appraised to similar properties that have been sold recently, then applying appropriate units of comparison and making adjustments to the sale prices of the comparables, based on the elements of comparison.
Residential General Certification Certification Influences on real estate value 5% 5% Legal considerations 5% 4% Types of value 5% 6% Economic principles 5% 6% Real estate markets & analysis 4% 5% Property description 11% 10% Highest and best use analysis 9% 9% Appraisal math & statistics 3% 4% Sales comparison approach 15% 10% Site value 5% 4% Cost approach 9% 6% Income approach 7% 15% Valuation of partial interest 1% 1% Appraisal standards & ethics 16% 15%
This text/workbook focuses on the sales comparison approach to value, with consideration of the appraisal process and principles as they apply to real estate markets.
The sales comparison approach compares the property being sold to similar properties.