Also known as the market value approach or brick-and-mortar valuation, market comparison is a House Valuations Gold Coast method that uses local comparables – in other words, the amount recent sales of similar properties located nearby.
This is the most common valuation method and the one typically used by real estate agencies to value residential properties. Your average valuation versus market will define a House Valuations Gold Coast by looking at the prices of properties on the same street or the prices of other properties of similar size and condition in the area.
The value will be adjusted based on variations, such as the size, specifications and condition of the appraised property. Other variables may also be taken into account, such as the supply and demand in the local real estate market at the time or the availability of financing.
Of course, no two properties are exactly the same. Properties A and B may be the same size and located on the same street, but Property A may have a nice view of the hills, while Property B may have a rather uninspiring view of the other houses.
Property B has been stylishly renovated, while Property A is straight out of the 1970s, with peach-colored satin curtains and brown shag carpets. That’s why real estate agents will try to find a few comparable properties to help them determine a fair market value, not just one or two.