Market Comparison Approach
Definition of "Market comparison approach"
Method of appraising real estate based on the market comparison of neighboring properties having similar characteristics. Seeks to answer the question: What would it cost to substitute a similar property for the current one? The market comparison approach assumes that a buyer would not be willing to pay more for a property than recently paid for a comparable property. There still are substantial differences between two properties. This requires an individual to make a judgmental appraisal.
Popular Real Estate Terms
New cost less accumulated depreciation to date. ...
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Articles of personal property installed by a tenant under the terms of a lease for purposes of use in his or her trade or business, Trade fixtures are removable by the tenant before the ...
Favorable occurrence providing a good chance for success, usually in financial terms. ...
The imposition or collection, usually by legal or governmental authority, of an assessment of a specified amount. An example is a tax assessment on real estate. ...
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Potential customer or client in which there is a realistic chance of making the sale for the product or service. An example is a prospective purchaser of real estate that the real estate ...
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