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The sales comparison approach (SCA) is a real estate appraisal valuation method that relies on the assumption that a matrix of attributes or significant features of a property drive its value. For examples, in the case of a single family residence, such attributes might be floor area, views, location, number of bathrooms, lot size, age of the ...
This is unfortunate for one of the two parties. It is the obligation of a real property appraiser to estimate the true market value of a property and not its market price. Frequently, properties are assessed at a value below their market values; this is known as fractional assessment. [5]
A real estate appraisal is like any other statistical sampling process. The comparables are the samples drawn and measured, and the outcome is an estimate of value—called an "opinion of value" in the terminology of real estate appraisal. In most statistical sampling processes, a single best estimator is sought. However, since real estate ...
The value of a physical quantity Z is expressed as the product of a numerical value {Z} (a pure number) and a unit [Z]: = {} [] For example, let be "2 metres"; then, {} = is the numerical value and [] = is the unit. Conversely, the numerical value expressed in an arbitrary unit can be obtained as:
Values may change over time, and many states require taxing jurisdictions to redetermine values every three or four years. The value of property is often determined based on current use of the property, rather than potential uses. [25] Property values are determined at a particular valuation date for each jurisdiction, which varies widely.
The number of housing units under construction fell 1.9% to a rate of 1.465 million units. The inventory of single-family housing under construction was unchanged at a rate of 644,000 units.
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