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SALES COMPARISON APPROACH(Part 1)- selecting comparable sales and adjustments
March 29th, 2019 3:03 PM
Appraising residential real estate on the east end is unique since there is a lack of similar homes, views and sites such as we might see in developments further west. This places significant weight on the selection of comparable sales and the adjustments performed. Now that most lending institutions no longer require the Cost Approach in estimating value except for new or almost new construction, this market data or sales approach carries most if not all the weight in appraising residential real estate. Thus, the BEST selected comps & BEST adjustments will BEST estimate the property as of a specific date. Appraisers have guidelines and are subject to reviews from their peers unlike CMA's, so appropriate and accurate adjustments are a priority.
Check out my next blog(Part 2) where we will discuss this topic a little deeper.

Posted by Richard Wayne Abatelli on March 29th, 2019 3:03 PMPost a Comment

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