Direct Comparable Sales

For Video teaching on Market Models go here.

Direct Comparable Sales Approach to Value
Direct Comparable Sales Approach to Value is one of the three Residential Market Models in LandMark, where the subject’s sales price is adjusted for significant differences of other similar properties.
PRO: Easy to defend to the tax payer.
CON: One outlier (value well outside of expected range) can really skew the adjusted value.

IMPORTANT: There are a few tables and boxes that need to be set up in order to do a Direct Comparable Sales Study

• System data must be accurate. Well-planned models are only as good as the data they process.
• BEFORE running the model, Two tables must be set up: Comparable Selection and Comparable Adjustments
• The Neighborhood Table must also be set up and assigned to parcel records
• The Comparable box on the Sales Information — Instrument Data Tab MUST be checked in order for that sale to be considered as a comparable.
  

To View Selected Comparable Sales and Direct Comparable Sales on a Residential Appraisal Record go to:
Appraisal — Residential Appraisal — Market Models (7th Tab on Top)

To View/Edit/Create The Sale Selections Table — Selection Model go to:
Tables — Appraisal Tables — Comparable Selection
UPDATE the date range every year before setting values.
SAVE any changes.

To View/Edit/Create The Sale Adjustments Table go to:
Tables — Appraisal Tables — Sale Adjustments Table
SAVE any changes

After building the Comparable Selection and Comparable Adjustments Tables, user may then run the Direct Sales Comparisons
Comparables — Select

If you make any changes to the Selected Comparable Sales you must recalculate.
Comparables — Recalculate

If you want to see the Comparables on the map.
Comparables — Display Comps

To see Comparable Adjustments
Comparables — Display Adjustments

To Remove all Comparables
Comparables — Remove Comparables

To delete one Comparable
RIGHT-CLICK on the one to delete and CLICK delete

The Indicated Value from the Comparable Sales Approach will appear in the Residential Appraisal File on the Base Values Tab

CAUTION: LandMark advises against changing the APPRAISAL value by manipulating the Appraisal data (on the CAMA/Appraisal side) until value reflects what the property sold for. (This is usually done to satisfy the equalization study.) By doing so, the user skews or dirties the TRUE sales data. Instead, consider changing the Fair Cash Value on the Assessment side and flag it to freeze the value. The freeze insures the parcel will go to full market value the first year and the equalization numbers will be where they need to be. The freeze tells the system NOT to reval until next year.