Abstract: The Buyer's Response Technique - A Framework for Improving Comparable Selection and Adjustment in Single-Family Appraising

The Buyer's Response Technique - A Framework for Improving Comparable Selection and Adjustment in Single-Family Appraising

Authors: Mark J. Kroll and Charles A. Smith

Start Page: 27
End Page: 35
Volume: 3
Issue Number: 1
Year: 1988
Publication: Journal of Real Estate Research

Abstract: The purpose of this paper is to illustrate how the Buyer's Response Technique (BRT) may be used as an adjunct or alternative framework to estimating appropriate adjustment size when performing the sales comparison approach for single-family houses. The BRT builds upon the traditional appraisal forms used in the appraisal profession, while capturing the benefits of selected marketing research techniques. The goal is to illustrate a technique the appraiser can use to achieve more accurate market value estimates in the appraisal of single-family houses by incorporating information provided by recent purchasers.