Property Valuation
A Wyoming appraiser notes that the comparable sales used in the sales comparison approach are from a 'buyer's market.' This means:
ABuyers paid above list price for these properties
BThere was more supply than demand when these sales occurred, possibly resulting in lower prices✓ Correct
CBuyers used financing rather than cash
DThe sales are from a commercial market segment
Explanation
A buyer's market occurs when supply exceeds demand, giving buyers negotiating leverage and often resulting in lower sale prices. A seller's market (demand exceeds supply) typically results in higher prices and bidding wars.
Related Wyoming Property Valuation Questions
- The 'principle of anticipation' in Wyoming real estate valuation means value is based on:
- The income capitalization approach to value is most appropriate for appraising:
- In the Jackson Hole, Wyoming luxury real estate market, appraisers often face the challenge of:
- Depreciation in the cost approach to value includes all of the following EXCEPT:
- In Wyoming, the sales comparison approach relies on:
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