Real Estate Comps

Sales Comparable Assignment

The home located at 1218 Westmoreland Ave, Norfolk, VA 23508 is for sale. The owner has the home

listed for sale at $349,000. We would like to estimate the market value for the home. To do this, we will

perform a mock appraisal of the property.

Instructions:

Your assignment is to locate at least three comparable sales homes. Following the techniques described

in our course, use the homes that you find to estimate the value of the home at 1218 Westmoreland

Ave, Norfolk, VA 23508.

Complete the attached Universal Appraisal Report form filling in as much data as you can. You don't

need to complete the Cost Approach or Income Approach portions of the report. You will complete the

first two pages only.

You can look at the attached Sample Universal Appraisal Report to help you with this assignment.

Important points:

You must use data on similar homes that have sold recently.

Zillow.com has data on home sales. You must use data on homes that have actually sold, not homes for

sale. Zillow has an option to search for sold houses.

The comparable homes should be ones that you would have considered if you were shopping for the

subject property. (i.e. all of the homes would have been on your list.)

The comparables should have sold recently, preferably in the past 6 months.

The comparable sales should be as similar in features to the subject property as possible.

You adjust the price of the comparable homes for feature differences and assign appropriate weights to

comparables to get an estimated value for the subject property.

NOTE: Make sure that you are running the latest version of Acrobat Reader if you have trouble with the

form. You may download the free version of Acrobat Reader using this link

https://get2.adobe.com/reader/otherversions/

If you must, print the form and hand write the information on the form. You can then take a picture of

the assignment (or scan it) and upload/submit it into Connect.

The assignment is due by Wednesday the 28th at 11:59 pm