Sales Comparison Approach is used for what properties?

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The Sales Comparison Approach estimates value by using recent sale prices of similar properties and adjusting for differences. It works best when there are many comparable transactions and the property type is fairly standard. Residential properties and vacant land fit this so well because you can reliably find recent, similar sales and adjust for factors like size, condition, location, and features. For more specialized property types—such as farms or some commercial and industrial properties—comps are harder to find and adjustments can be less precise, so other approaches (like Income or Cost) are often used instead. So, this method is most appropriate for residential properties and vacant land.