FIN353: Appraisal Project - Substitution Principle - Accounting and Finance Assignment Help

Assignment Task:

 Everyone will prepare an appraisal report on one subject residential real estate property in  FIN 353. The report carries 20 points out of total 100 points of your grade. Everyone must submit  an appraisal report for a residential real estate property (NOT a new construction), covering all the  relevant issues appropriate to the assigned subject property. The report should present a thorough  discussion and analysis of the valuation for the assigned subject project based on sales comparison  approach (Please refer to the ppt on “Sales Comparison Approach” on Titanium for more  information about it). Your main job is to collect the information of newly listed subject property  and the information of 3-4 recent sold properties similar to subject property (comparables) from  the websites. Then conduct a thorough analysis of the subject property’s value using sales  comparison approach. The relevant information on subject property and comparable properties  could be found at the website providing information on real estate transactions. It is free access for  everyone. You could learn about the recent listings and recent sales for any place you are interested  through these websites. The most frequently used website are the following websites: 
• Google: “## City Home for sale” 
• Zillow  
• Ziprealty 
• Realtor.com 
• Trulia
• Redfin 
Sales comparison approach 
• Principal 
• Substitution principle 
• One price rule – equivalent goods tend to sell for  
equivalent prices 
• Approach 
• Identify sales of similar properties 
• Adjust sale prices to reflect differences from the subject  
property 
• Typical adjustments include sales date, size, age,  
condition, location, amenities and key features 
Subject property: You may choose four bedrooms or five bedrooms single family property as the  subject property of appraisal at a city with active housing market. An active housing market means  there are a lot of transactions going on. This property should be a property currently listed for sale.  The newly listed subject property should have a time on market (TOM)1 less than 3 months. If a  property has been listed on the market for fairly long time without a sale, there may be some hidden  problem with the property, or the listed price is not set well. The new listings information could  be found in all the major websites for real estate transactions. Do NOT use listing for new  construction as your subject property, which is not a good choice for practicing the sales  comparison approach.  
 

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