销售比较方法（房地产）

相邻物业，房屋或企业的价值是影响物业总价值的几个变量之一。房地产经纪人和代理商采用诸如销售比较方法之类的方法来估计财产的价值。

如果您了解该技术的功能，则可以更准确地估计房屋和其他资产的价值。我们将回顾该方法的定义和方法。

A sales comparison approach, also known as the market data approach, is a real estate appraisal method that evaluates a property based on other surrounding properties.

A real estate agent, broker, or appraiser will utilize a sales comparison strategy to compare the target home to others in the neighborhood that have recently sold and had comparable attributes. The goal is to estimate the target house's value.

该方法使房地产专家贝蒂r idea of the worth of a home or property and assists in maintaining fair pricing within the local market.

了解销售比较方法

The strategy entails identifying previously sold properties or active listings that are comparable to the property that is being appraised.

For an accurate comparison, or "comp," for the home in question, they should be comparable in terms of their location, amenities, age, and the number of rooms. Recent sales are more reliable because there was a committed buyer eager to make that payment.

The approach is applied to practically all properties.

It is based on two principles:

1. Substitution: A buyer will not pay more for the subject property than would be necessary to buy a comparable property
2. Contribution:Certain characteristics add value to a property. It also serves as the foundation for a broker's opinion of value.

The sales prices of comparable properties are used as proof of value in the sales comparison approach. The price at which a certain property sells is the price established by the interaction of supply and demand at the moment of sale.

必须调整已出售房屋或可比较的价格，因为没有两个物业完全相同。通过添加或扣除某个功能似乎增加或降低可比较财产成本的数量来更改已知价格。

The law of supply and demand, as already explained, controls property values. To understand市场价值如何改变了各种属性，必须确定影响供求的因素。这样做将使更准确的估值。

Factors that affect demand

• Consumer income
• The price of related goods - different neighborhoods
• The price of complementary goods - paint brushes, nails
• 消费者对未来价格变化的期望 - 利率上涨，冬季气或加热油的价格

Factors that affect supply

• The price of the commodity
• The availability of land, labor, management, and capital
• Available technology
• Size of the housing stock available
• Construction costs and methodologies

每个属性都是唯一的。这一事实限制了销售比较方法的准确性。结果，找到合适的比较物质，尤其是对于特殊目的属性是一项挑战。

此外，市场需要活跃，以使销售价格是最新和可靠的。查看有关如何找到房地产可比物品的更多信息here.

Sales Comparison Approach vs. Other Approaches

在评估房地产时，最常见的三种方法是：收入方法，成本方法和销售比较方法。下面提供了收入和成本方法的概述，以及它们与销售比较技术的不同之处。

1.成本方法

The cost approach accounts for depreciation due to age and condition when estimating value. This is based on the expected cost of materials and labor required to construct a structure of that size and quality in that location.

The cost to acquire the property plus the cost of the improvements less any accrued depreciation equals the value under the cost approach. Physical degradation, functional deterioration, or economic obsolescence are all examples of depreciation.

2. Income approach

The income approach calculates value based on the typical market income of a comparable property.

它计算了当前房地产资产所有权带来的未来利益的价值。收入策略的两个变化是net incomeapproach and the gross income approach.

Net income is the amount that remains after deducting costs, vacancy and collection loss, and prospective gross income.

For an estimation of value, the net income is dividedby a capitalization rate(the investor's desired rate of return).

Larger commercial establishments, including office buildings, retail stores, residences, hotels, and motels, are frequently used in thenet incomestrategy. Thegross incometechnique is frequently used on residential properties that generate income.

如何使用销售比较方法

It consists of comparing recently sold properties with the subject and making a dollar or percentage adjustment to comparables to account for the differences with the subject property.

调整通常可用于评估师，因为它们提供了每种功能的估值列表。

After determining the adjusted value of each comp, the appraiser weighs the reliability of each comp. and the factors underlying how the adjustments are made.

The weighting finally yields an optimal value range based on the output of the comps analysis. More details on the steps are discussed below.

STEP 1 - Identify comparable sales

To conduct an appropriate appraisal, experts usually recommend picking 3 to 6 comparables. Principal sources of data to retrieve comparable sales are tax records, title records, and local listing services.

There are specific guidelines in selecting comparables, many of which are set by a recognized authority organization, such as theFederal National Mortgage Association(FNMA).

例如，可能必须位于主题一英里以内的财产才能有资格作为A抵押贷款评估.

Perhaps the size of the comparable must be within a certain percentage of improved area concerning the subject.

这是有资格作为可比的主要指标：

1. 类似于大小，形状，设计，实用程序和位置的主题
2. The properties have sold recently, generally within six months of appraisal. The time of sale criterion is important since sales that happened too far in the past will not reflect appreciation or recent changes in the market.
3. The properties have sold in an arms-length transaction. This means that the two parties involved in the transaction should be unaffiliated and unrelated, acting independently and in their own self-interest.
4. For example, a father and daughter home sale transaction cannot be qualified as a good comparison. This is because there is a high risk of this transaction being biased.

步骤2-将比较与主题进行比较，并调整对比较

This is a critical stage in the process. It consists of three distinct substeps, which are detailed in full depth below.

1. Adjusting comparables

To take competitive differences with the subject property into account, the appraiser modifies the sales prices of the comparables.

Therefore,只能对可比较的价格进行更改，而不是主题。

Note: the sale price of the comparable is known while the value and price of the subject are not. Adjustments are made by increasing or decreasing their value.

2. Adding or deducting the value

If the comparable is superior to the subject in some way, a certain amount is subtracted from its sale price. In an adjustment category, this eliminates the comparables'竞争优势.

For instance, a comparable has a parking garage while the subject lacks one.

The appraiser subtracts a certain amount, let's say $5000, from the comparable sales price to make up the gap. Be aware that the adjustment accounts for the parking garage'scontribution to market value.

Note:调整金额中均未包含停车场的成本和折旧价值。

3. Adjustment Criteria

The principal factors that call for an adjustment are:

• 销售时间: If there have been significant changes in market situations, market prices, or financial accessibility after the date of the comparable sales, an adjustment may need to be made. This modification most frequently considers appreciation.
• Location: If the subject's location and the comparison site differ in any way, such as neighborhood desirability and look, zoning constraints, or general price levels, an adjustment may be made.
• Physical Characteristics: Marketable variances in lot size, square footage of the livable area, number of rooms, layout, age, condition, building style, quality, landscape, and other features may be taken into account.
• Transaction characteristics: Discrepancies in mortgage loan terms, whether or not the mortgage is assumable, and owner financing may be adjusted for.

STEP 3 - Weighing comparables

An adjusted price for the comparable that represents the value of the subject is obtained by adding/deducting the relevant adjustments from the sale price of each comparable.

The approach's final step entails carrying out a weighted analysis of each comparable-indicated value.

To weigh comparables, an appraiser largely uses expertise and judgment. There is no set formula for choosing a value from the set of all examined comparables. However, there are three quantitative metrics.

1. The total number of adjustments

The comparable with the fewest alterations overall tends to be the most similar to the subject, making it the best value indicator. A comparable will become less accurate as a measure of value if it requires too many changes.

2. Single adjustment amounts

The difference between the subject and the comparable for a particular item is represented by the monetary amount of the adjustment.

当需要进行重大修改时，可比的值将其值为价值。可比性用作更强的值指标，修改越小。

3. Total net adjustment amount

The total net value change from all adjustments put together is the third measurement of reliability in the weighting of comparables.

类似的是a good indicator of value if the sum of its adjustments changes the reported value only marginally. The comparable is a worse indicator of value if overall changes result in a significant difference in dollars between the sale price and the adjusted value.

Following is a YouTube video explaining the Sales Comparison Approach:

Limitations of Comparative Sales Analyses

The comparative sales analysis helps value properties in several situations because it considers a variety of comparables and provides conclusions that are generally accurate at a particular point in time.

This is done by performing a thorough evaluation of the many components of the comparables.

它被认为是房地产p的基础rofessional's comparative market analysis. It is also useful for individual homeowners who want to get a fair price for their property.

However, the sales comparison approach may not always be the most effective way to determine an indicative value.

示例包括具有特征的独特或特殊使用属性，例如历史悠久的房屋，独一无二的设计，极大或小型房屋或其他使比较具有挑战性的元素。

当涉及到定期现金流的商业物业时，收入方法之类的方法可能为房地产专业人员提供更好的选择。

This is because it computes the capitalization rate, a popular performance metric in the industry.

The sales comparison approach may also be hindered by certain market factors. Economic recessions, a lack of precise data, and the inability to recognize arms-length transactions are a few examples of such risks.

由Mahdi Naouar进行了研究和撰写|LinkedIn

Reviewed and edited by James Fazeli-Sinaki|LinkedIn

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