When appraising property, what is often a primary goal of using the sales comparison method?

The primary goal of using the sales comparison method in property appraisal is to accurately reflect current market trends. This approach involves comparing the subject property with similar properties that have recently sold in the same area, allowing appraisers to determine a fair market value based on actual sales data. By focusing on properties that have characteristics similar to the subject, appraisers can assess the price at which those properties sold, thus capturing the prevailing market conditions and prices.

Utilizing the sales comparison method helps to ensure that the appraisal is rooted in real-world transactions, which provides a credible and reliable basis for arriving at a property’s value. This method is particularly effective in active markets where sufficient comparable sales data is available, making it a cornerstone of the appraisal process.