The methodology the sales comparison approach to value are:
|1.||The appraiser collects sales data on (nearby) comparable properties that have recently sold|
|2.||The subject and sales are compared and adjusted for differences|
|3.||An indicated value results by adding or subtracting adjustments to the sale price of the comparable sales|
Although closed sales are generally desirable, it is often appropriate to use pending sales (sales that haven't closed) and/or listings. Usually, theses types of comparable properties are used in addition to closed sales for support of the indicated values. Make sure that pending sales and listings are clearly identified as such.