Appraisal by Comparison, also known as the Sales Comparison Approach, is a real estate valuation method that estimates a property's value based on the sale prices of similar properties in the same area.
A Broker's Opinion of Value (BOV) is an analysis provided by a real estate broker to help clients make informed decisions about the listing price or a suitable bid for a property. While similar to a comparative market analysis, it is not as in-depth as a licensed appraisal used for mortgage lending.
An estimate of the value of property using select indicators from sales of comparable properties, usually provided by a broker or salesperson, to help clients set listing and selling prices.
A Comparative Market Analysis (CMA) is a crucial process in real estate that involves evaluating similar, recently sold properties ('comparables') to derive an estimated market value for a subject property. This aids in setting a realistic price for selling or buying real estate.
Elements of comparison are critical attributes or variables used in real estate to evaluate and contrast different properties during an appraisal or analysis process.
The paired sales method is a real estate appraisal approach that involves comparing sales of properties that have similar characteristics to determine the impact of specific property features on market value.
