An Element of Comparison is a categorization of property characteristics that causes real estate prices to vary. Some elements of comparison are:
|•||Date of sale (or market conditions), |
The most common unit of comparison for a single-family residence is square feet. There are, however, many units of comparison depending on the property being appraised. Here are some examples.
|•||Front foot for commercial property|
|•||Lake front for lake properties|
|•||Seats for theaters and churches|
|•||Cubic feet for warehouses|
An appraiser may use one or multiple units of comparison to assist in evaluating a property.