Comparable Sales Approach

The Comparable Sales Approach is a method used to determine the value of a property by comparing it to similar properties that have recently sold in the same area. Appraisers or real estate agents analyze factors such as size, location, condition, and features of these comparable properties, or “comps.” By looking at the sale prices of these similar homes, they estimate a fair market value for the property in question. This approach helps buyers and sellers make informed decisions based on current market trends and actual sales data.