Daily Real Estate Vocab #9 - Sales Comparison Approach

Daily Real Estate Vocab is here!

Today we discuss the term: The Sales Comparison Approach

The Sales Comparison Approach is:
A real estate appraisal method that compares one property to others in the area that recently sold and have similar characteristics.

So what exactly does that mean?

Well, the sales comparison approach helps real estate professionals and buyers determine if the price of a home is fair and comparable to the current market. I mean, it makes sense right? This method compares one property to another property in the same area. It should give us a good indication what the property is worth.

The Sales Comparison Approach is used not only in appraisals but it's also used in a Comparative Market Analysis.

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[ThatGworl]

Is that the same when talking about comparables?