Condensed Chapter 13 Slides

Condensed Chapter 13 Slides - Chapter 13 The Market...

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“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Chapter 13 The Market Approach to Value
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“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Major Topics Limitations and advantages of the market approach to value Defining a submarket of comparable property Selecting comparable property or comps Adjusting Comps towards the subject property Confidence Ranges and Appraised Values Multiple Regression Applicability in Appraisal
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“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Introduction The Market Approach is in many respects, the most fundamental and important of the three traditional approaches to valuation Definition: An approach to estimating market value of a subject property by means of examining the transaction prices of recent sales of properties similar to the subject property in the same or similar real estate asset market
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“Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Introduction (Contd.) Steps in the Market Approach process: - Define the submarket of comparable properties - Screen and select the comparable properties - Adjust the comps towards the subject property - Develop a conclusion of value
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