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Paired Sales
Paired sales is an analysis technique to appraise the value of specific features of a property.
This is often used by appraisers to estimate a credible value of a particular attribute of a property.
It can be very useful when determining property value when applying the direct comparable sales approach.
For example, if two houses similar in layout, size and other material features are sold within a week of each other at significantly difference prices, the difference in value can be attributed to their different features. One might have a newer roof, newer furniture and furnishing, an extra demarcated room, fitted with energy-efficient systems, etc.
When such details are available to the appraiser, he or she can confidently assign values to certain unique characteristics of a home.
This can play a long way to estimating values that are fair in the open market.
After all, these values can play a key role in the activities of a real estate investor, a lender, or an analyst, etc.
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