Sales Comparison Approach

The Sales Comparison Approach is a method used to value a property by comparing it to similar properties that have recently sold in the same area. Real estate agents or appraisers look at these comparable sales, adjusting for differences like size, condition, and features. This approach helps determine a fair market price by assessing what buyers have willingly paid for similar homes. It is commonly used in real estate transactions, ensuring both buyers and sellers have a clear understanding of a property's value based on current market trends.