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How to Use the Direct Comparison Approach to Value a Property

Did you know? We offer free in-house valuations typically completed within 1 business day, with no appraisals required on properties valued up to $1.5 million. This allows you to save time and money while providing the opportunity to make quick, well-informed decisions. There are 3 approaches that can be used to determine the value of a property. 1️⃣ The Direct Comparison Approach 2️⃣ The Cost Approach 3️⃣ The Income Approach Our team of Real Estate Analysts uses the first approach, Direct Comparison, which generally best reflects buyers and sellers in the market for residential homes. It involves comparing the subject property to similar properties in the area that have recently been sold. By looking at the sale prices of these comparables, a value range for the subject property is determined. This approach is based on the idea that a rational buyer will not pay more for a property than the cost of acquiring another property with the same characteristics. It also considers the Principle of Contribution, where adjustments are made to comparable properties based on their features relative to the subject property. By using this approach and analyzing the adjusted comparable properties, an estimated value for the subject property can be obtained. If you’d like to learn more or have a property you’d like to discuss, contact our team today. Phone: 403-278-0249 https://chmic.ca/ Calvert Home Mortgage Investment Corporation | Ontario Licence Number 13267 and 13268