Comparable sales method

The comparable sales method is used to estimate a property's value by looking at recent sales of similar properties in the same area. These "comps" are chosen based on location, size, features, and condition. By analyzing what buyers paid for similar homes, appraisers or sellers can determine a fair market price for the subject property. This approach helps ensure the valuation reflects current market trends and comparable properties' prices, providing an objective and reliable benchmark for buying or selling decisions.