Chapter: An appraiser is using the sales comparison approach to estimate the value of a property. What is the most important factor the appraiser should consider when selecting comparable properties?

Introduction

1. To define and elucidate the key characteristics that constitute a suitable comparable property in the context of real estate appraisal.

2. To analyze the relative significance of various property characteristics (e.g., location, size, condition, amenities, date of sale) in influencing sales prices.

3. To provide a framework for objectively assessing the comparability of potential comparable properties to the subject property.

4. To illustrate the potential impact of biased or inappropriate comparable selection on the accuracy and reliability of the appraised value.

5. To promote a data-driven and evidence-based approach to comparable property selection, minimizing subjective bias and maximizing appraisal accuracy.