ngalvin5509 ngalvin5509

Today at 6:28 AM
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Answered

A comparable property sold one month ago for $400,000. That property has a three-car garage, whereas the subject property you’re preparing to list only has a two-car garage.
What should you do to determine the subject property’s market value?

Answer :

eooyibo123 eooyibo123

Today at 6:33 AM

Answer:

The use of comparable analysis in real estate considers value of all components of comparable properties, and estimate price based on sum of features of each property.

So for the $400,000 property that has 3 car garage, we will need to find out the value of one garage.

Then since the garage size is the only difference between the two properties, adjust price downwards by deducting the value of one garage.

Explanation:

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