You have been asked to estimate the market value of a residential property using the Market Comparison Approach. The subject property is a single-family home; it is a 2 storey frame house which is 70 years old and in relatively good condition. It has a detached garage, 3 bedrooms, and a fireplace. It also has a finished basement.
The following comparable sales are located in the same neighbourhood. They have approximately the same size homes and lot sizes and are in the same condition as the subject:
Sale #1 -Sold 4 months ago for $880,000. Has a detached garage, a fireplace, 3 bedrooms, an updated kitchen, upgraded heating and air-conditioning and a finished basement.
Sale #2 -Sold 6 months ago for $865,000. Has no garage, a fireplace, 3 bedrooms, an updated kitchen, upgraded heating and air-conditioning and an unfinished basement.
Sale #3 -Sold 4 months ago for $855,000. Has no garage, a fireplace, 3 bedrooms, an updated kitchen, upgraded heating and air-conditioning and an unfinished basement.
Sale #4 -Sold 6 months ago for $873,000. Has a detached garage, no fireplace, 3 bedrooms, an updated kitchen, upgraded heating and air-conditioning and an unfinished basement.
Sale #5 -Sold last week for $845,000. Has a detached garage, a fireplace, 3 bedrooms, an updated kitchen, upgraded heating and air-conditioning and an unfinished basement.