What appraisal method would an appraiser likely use for valuing a 20-year-old residence?

The Sales Comparison Approach is particularly suited for valuing a 20-year-old residence because it involves comparing the subject property to similar properties that have recently sold in the same area. This method is effective for residential properties since it reflects current market trends, buyer preferences, and local economic conditions. Appraisers gather data on comparable homes, known as "comps," that are similar in size, condition, and location, looking at their sale prices to derive a value for the property being appraised.

This approach captures the price that buyers are willing to pay for similar homes, making it more relevant for a residential market where properties can vary significantly based on styling, features, and community amenities. Since the residence is relatively recent at 20 years old, it is likely to have sufficient comparable sales data available, making this a straightforward and reliable method for estimation.

In contrast, while the Cost Approach could also be considered for unique or newly constructed properties, it may not accurately reflect the market value of a property that has depreciated over time. The Income Approach is primarily used for investment properties where income generation is a key factor, so it wouldn't apply well to a single-family residence. Market Value Analysis is a broader term and doesn’t specify a particular method, making it