The market data approach or sales comparison approach is finding value by comparing a property to other properties of similar size and condition in the same area if two similar properties are 400000 each then your property would be estimated at 400000 it is one of those things where the definition is in the name kind of like jumbo shrimp. The sales comparison approach aka market data approach is a more sophisticated competitive market analysis and is the main method for determining the value of single family homesthe subject property is compared to recently sold comparable propertiesimportant characteristics to compare include location especially if recently sold properties were in the same neighborhood. The sales comparison approach is the foundation for the real estate professionals cma comparative market analysisit is a process used to determine the current market value of a property based on recent sales of comparable properties in the area. Appraisers use three approaches to value in appraisal practice when determining the market value of a property the sales comparison approach the cost approach the income approach 1 the sales comparison approach the most frequently used and accepted approach to determining value in real estate appraisal practice is the sales comparison . The sales comparison approach is a real estate appraisal method that compares a piece of property to other properties with similar characteristics that have been sold recently the method takes
How it works:
1. Register a Free 1 month Trial Account.
2. Download as many books as you like ( Personal use )
3. No Commitment. Cancel anytime.
4. Join Over 100.000 Happy Readers.
5. That's it. What you waiting for? Sign Up and Get Your Books.