you take the weighted average of the indicated values that come from all three approaches to get
a single estimate of the properties value.
Sales comparison approach - answer✔✔Underlying concept is that the value of a piece of real
estate can be determined by analyzing the sale price of similar properties.
Elements of comparison - answer✔✔The key determinants of value
Location
age
size
style
etc.
Value adjustments - answer✔✔Transaction adjustments: differences in
*property rights included
*financing terms
*market conditions
Value adjustments for comps - answer✔✔If the comp is superior to the subject then the
transaction price is adjusted downward
If it is inferior the transaction price is adjusted upward
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