Comparable Sales Analysis: Understanding Units of Comparison in Appraisals
In appraisals, the Sales Comparison Approach is fundamental. To compare properties, appraisers break down sale prices into units of comparison (e.g., price per square foot, per acre, or per room) that reflect how the market values that specific property type. They then analyze elements of comparison (like location, condition, and market demand) and apply adjustments. […]