Part of the market segmentation process involves the selection of comparable properties for the sales comparison analysis approach to value. comparable sales would be selected on the basis of original cost.
What is Sales Comparison Approach?
- The phrase "sales comparison approach" is a real estate appraisal technique that evaluates a property against comparables or other previously sold homes in the neighbourhood that have comparable features.
- When assessing homes to sell, appraisers and real estate brokers may employ the sales comparison technique.
- This approach takes into account how different qualities affect a property's total worth. In other words, a property's entire value is equal to the total value of all of its attributes.
- The Sales Comparison Approach aids buyers and real estate agents in determining if a home's asking price is reasonable and similar to the current market. Professionals compare similar homes that have recently sold nearby the subject property, often in the same area, and that have similar features.
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