Property Valuation
In West Virginia appraisal practice, 'paired sales analysis' is used to:
ACompare two competing appraisers' value conclusions
BIsolate and quantify the market value of a single property feature through sales differing only in that feature✓ Correct
CPair each comparable with a counter-comparable
DFind the average of paired buyer and seller opinions of value
Explanation
Paired sales analysis (matched pair analysis) compares two sales that are identical except for one specific characteristic to isolate the market value impact of that characteristic. For example, two similar homes — one with a pool and one without — to determine the value of the pool.
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Gross Rent Multiplier (GRM)A quick valuation metric for income properties calculated by dividing the property price by gross annual rental income.
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