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Abnormal Sale
A abnormal sale refers to a real estate sales transaction taking place with a price that is very unusual in the market at that moment in time.
This is of particular interest to appraisers as they make a living estimating property value and fair market value.
While an abnormal sale is often associated with houses selling at way below market value, it is also possible for prices to go way above market value.
Those that close at unusually low prices tend to be transactions between related parties such as parents to children.
It might also be due to desperate sellers needing to let go of the property as quickly as possible.
Sometimes property can also sell at way above market value. This is especially so for luxury property.
The excess premium can often be attributed to the goodwill of the sellers to make their high-end properties available for sale.
They have no reason to sell. And the act of making them available in the market can often command a high premium. This inevitably only occurs for highly desirable property.
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