Which method is commonly used when determining the overall value of a property?

The sales comparison method is commonly used to determine the overall value of a property because it relies on real, market-driven data. This method involves comparing the property in question to similar properties that have recently been sold in the same area. By analyzing sales prices, size, features, and location, appraisers can establish a fair market value based on actual transactions.

This approach is highly effective because it directly reflects what buyers are willing to pay for comparable properties, making it a reliable indicator of value. By adjusting for differences between properties, such as upgrades or unique characteristics, professionals can arrive at a precise valuation that aligns closely with current market trends.

Other methods, such as appraisal by committee or valuation surveys, are less common for determining property value. While market analysis provides useful insights into trends and pricing, it doesn't directly establish value in the same way that the sales comparison method does by focusing on actual sold data.