How would an appraiser using the sales comparison approach reconcile adjusted sales prices of comparable properties?

In employing the sales comparison approach, the appraiser reconciles adjusted sales prices of comparable properties by selecting the adjusted sales price of the property that is most similar to the subject property. This method is rooted in the principle that the value assigned to the subject property should reflect the market's perception of its worth based on the most comparable sales.

Choosing the adjusted sales price of the most similar property is logical because it directly relates to the unique characteristics of the subject property, such as location, size, condition, and features. By focusing on the most comparable transaction, the appraiser can derive a more accurate estimation of value, as this approach considers nuances that may not be as effectively captured through averaging or using median values.

In contrast, averaging the adjusted sales prices might dilute significant differences among comparable properties, leading to less accurate determinations of value. Bracketing comparables and selecting medians does not necessarily account for the specifics of the subject property and may overlook critical features that distinguish it from others. Choosing the higher-value property and applying a flat percentage adjustment could also yield misleading results, as it fails to consider the relative merits of each comparable on a case-by-case basis. Hence, focusing on the most similar adjusted sales price underlines the intent to capture the