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SALES COMPARISON APPROACH <br />The sales comparison approach consists of the search for and an analysis of <br />sales of similar single-family improved properties which are compared to the subject to <br />provide an estimate of the fair market value. Typically, single-family residential homes <br />are purchased based on the location, living area and number of bedrooms and <br />bathrooms. <br />When searching for comparables for the subject property, location, living area, <br />quality, and condition were strong indicators of price. Recent sales of single-family <br />residences within the immediate neighborhood and surrounding neighborhoods were <br />reviewed. Multiple transactions were examined and considered for comparison. The <br />most similar closed sales were selected for the analysis. <br />The improved sales were analyzed and reviewed for the following items of <br />comparison: <br />property rights conveyed, financing terms, conditions of sale, expenditures after <br />purchase, date of sale (market conditions), and physical characteristics of the property <br />including: gross living area, location, year built, bedrooms and bathrooms, room count, <br />quality, condition and garage parking. <br />The following table summarizes the comparable sales used in the analysis. <br />751-18 <br />