| Table 1: Table of Comparison |
| Elements of Comparison | Subject | Comp 1 | Comp 2 | Comp 3 |
| Sale price of comparable | | $ 510,000.00 | $ 525,000.00 | $ 499,000.00 |
| Transaction Characteristics |
| Property rights conveyed | Fee simple | Same | Same | Same |
| Adjusted price |
| Financing terms | Conventional | Same | Same | Same |
| Adjusted price |
| Conditions of sale | Arm's length | Same | Same | Same |
| Adjusted price |
| Expenditure immed. after purchase | | None | 3,000 | None |
| Adjusted price |
| Market condition | Today | 3 months ago: | 6 months ago: | 6 months ago: | Note: All the comparables are recently sold properties. Percentage change is given in the example. |
| | | (add 2% total) | (add 4% total) | (add 4% total) |
| Property characteristics |
| Location | Huntington | Huntington | Kensington | Millhoper |
| Physical characteristics | | | (subtract 3% total) | (subtract 3% total) |
| Site/lot size (sg.ft) | 6,662 | 6,700 | 6,800 | 6,600 |
| Construction quality | Typical | Typical | Typical | Typical |
| Condition | Average | Average | Average | Average |
| Age (years) | 5.5 | 7 | 8 | 10 |
| Living area (sq.ft) | 3473 | 3920 | 3985 | 3835 |
| Number of baths | 3 | 3.5 | 3 | 2 |
| Garage Space (# of car space) | 2 | 2 | 2 | 1 |
| Porch. Patio, deck | Cov. Porch/wood deck | Cov.Porch | Cov. Porch | Cov. Porch |
| Fence, pool, etc. | None | None | Pool | Pool |
| Economics characteristics | N.A | N.A | N.A | N.A |
| Use | Single-family | Single-family | Single-family | Single-family |
| Non-realty Components | None | None | None | None |
| Table 2: Table of Adjustments |
| Elements of Comparison | Subject | Comp 1 | Comp 2 | Comp 3 |
| Sale price of comparable | | $ 510,000.00 | $ 525,000.00 | $ 499,000.00 |
| Transaction Characteristics |
| Property rights conveyed | Fee simple | | | | There is no adjustments on these three since they are the same for each property. |
| Adjusted price |
| Financing terms | Conventional |
| Adjusted price |
| Conditions of sale | Arm's length |
| Adjusted price |
| Expenditure immed. after purchase | | | $ 3,000.00 |
| Adjusted price |
| Market condition | Today | $ 10,200.00 | $ 21,120.00 | $ 19,960.00 | Refer to row D 16 for the percentage adjustment information. Subject property sells at higher price because market appreciates. |
| Adjusted price | | $ 520,200.00 | $ 549,120.00 | $ 518,960.00 |
| Property characteristics |
| Location | Huntington | | $ (16,473.60) | $ (15,568.80) | As Huntington are less desirable than Kensington and Millhoper, subject should sell at 3% less than comparable 2 and 3. 3% is given in the example. |
| Physical characteristics |
| Site/lot size | 6,662 sq. ft | $ (760.00) | $ (2,760.00) | $ 1,240.00 | An incremental square foot of lot size is worth about $20 per square foot, given in example. Smaller property sells at lower price. |
| Construction quality | Typical | | $ - 0 |
| Condition | Average | | $ - 0 |
| Effective age | 5.5 years | $ 4,500.00 | $ 7,500.00 | $ 13,500.00 | Each year of effective age reduces the value of properties in this market by about $3,000 per year. Younger property sells at a higher price. |
| Living area | 3,473 sq. ft | $ (35,760.00) | $ (40,960.00) | $ (28,960.00) | An incremental square foot of living area is worth about $80 per square foot, given in example. Smaller property sells at lower price. |
| Number of baths | 3 | $ (500.00) | $ - 0 | $ 1,000.00 | Each additional half-bath is worth $500; each additional full bath $1,000. given in example |
| Garage Space | 2-car | $ - 0 | $ - 0 | $ 8,000.00 | Additional garage space is worth $8000. given in example |
| Porch. Patio, deck | Cov. Porch/wood deck | $ 1,000.00 | $ 1,000.00 | $ 1,000.00 | Additional wood deck is worth $1000. given in example |
| Fence, pool, etc. | None | $ - 0 | $ (12,000.00) | $ (12,000.00) | Additional pool is worth $12,000. given in example |
| Economics characteristics | N.A | $ - 0 | $ - 0 | $ - 0 |
| Use | Single-family | $ - 0 | $ - 0 | $ - 0 |
| Non-realty Components | None | $ - 0 | $ - 0 | $ - 0 |
| Indication of Subject Value | | $ 488,680.00 | $ 485,426.40 | $ 487,171.20 |
| Weight | | 50% | 25% | 25% | You could decide what weight to assign to each property and need to justify your assignments in the report. |
| Final Consolidation Value | | $ 487,489.40 |
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4.Appraisal_ExampleFullSolution.xlsx
