sales comparison

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10 Terms

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Sales Comparison Approach

Estimating property value by comparing to recently sold similar properties (comps)

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Best properties for Sales Comparison Approach

Single-family residential homes in active markets

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Comps

Recently sold comparable properties used to estimate market value

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CBS

Comp Better, Subtract (you subtract value if the comp is better)

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CIA

Comp Inferior, Add (you add value if the comp is worse)

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Adjustments in Sales Comparison Approach

When the comp differs from the subject in features like size, condition, or amenities

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Adjustment for garage

Subtract the value of the garage from the comp (CBS)

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Adjustment for lot size

Add value to the comp to adjust for the smaller lot (CIA)

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Reliability of Sales Comparison Approach

Because it's based on actual market behavior and recent sales data

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Goal of adjustments in Sales Comparison Approach

To make the comp's features match the subject so you can estimate its value accurately