Which approach involves using three different methods to arrive at a property value?

The approach that involves using three different methods to arrive at a property value is referred to as considering all of the above. Each of the approaches—sales comparison, income, and cost—provides valuable insights into the property value from different perspectives.

The sales comparison approach relies on comparing the subject property with similar properties that have sold recently, adjusting for differences to estimate the value.

The income approach is primarily used for investment properties and calculates value based on the income the property generates, factoring in the expected occupancy rates and expenses to determine a capitalization rate.

The cost approach evaluates what it would cost to replace or reproduce the property, minus any depreciation, making it particularly useful for unique properties or those with few comparable sales.

By incorporating all three methods, appraisers can cross-validate their findings and reach a more accurate and comprehensive property value, recognizing that different properties and market conditions may call for different evaluation strategies.