Reader Question: Why do appraisals use comparative analysis as a means for valuing a home? This approach is flawed as most of the time they do not take
What kinds of information are necessary to produce a credible value estimate in real estate appraisals?
Normally Every property may have features of its own. even flats in same building cannot be compared with each other because of its location, stairs, and position of house on the overall building. so generally you need to have some kind of Thumb Rule of your own. first Try to fix an approximate market values for the area you would like to apprise, then slowly provide numbers based on the main roads and the sub roads properties. then move down to property location, amenities, nearby shopping, basic facilities, key facilities, that are important for any buyer for his decision making. then consider the value of the building and its Positioning when it comes for valuation of a particular flat in the main property. let me give you a fair idea about valuation side. it’s always a little tricky and difficult but soon you will understand the market and will judge a price that’s more close to reality.