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Principle of Substitution Definition - Real Estate License Wizard What is the Principle of Substitution? The principle of substitution states that a buyer will not pay more for a property than the cost of an equally desirable property In real estate, when comparing identical houses, the buyer theoretically should always choose the cheaper house
What is Substitution in Real Estate? - Grahamsalkingroup In conclusion, the principle of substitution is a fundamental concept in real estate that influences property values, appraisal methods, and decision-making processes It recognizes that buyers have choices and will seek out equivalent substitute properties at a lower price
What is the Principle of Substitution in Appraisal? Birmingham, AL home appraiser Tom Horn discusses what the Principle of Substitution is and how sellers and agents can use it to price homes more accurately
What Is The Principle of Substitution In Real Estate? Based upon the principle of substitution, the highest priced home, among other comparable homes on the market, is the one least likely to sell, when a person can purchase a comparable home for less While this seems logical, sometimes the market is not logical
What Is the Principle of Substitution? - Accounting Insights The Principle of Substitution is applied in real estate valuation Buyers use this principle when comparing properties and making purchasing decisions For instance, a buyer looking for a three-bedroom home in a specific neighborhood will compare several such homes, weighing their features, condition, and prices
Principle of Substitution | Real Estate Exam - PrepAgent. com The Principle of Substitution is the basis for the market data approach to appraisal This principle says that the maximum value of a property usually is established by the cost of acquiring an equivalent substitute property that has the same use, design, and income
Principle of Substitution - Definition and Explanation - Real Estate Words The Principle of Substitution means that a purchaser will not pay more for a property than they would be able to pay for a similar property of a lower price and of equal quality The principal of substitution exists in real estate to bring attention to appropriate property pricing guidelines
Principle of Substitution: The Smart Buyers Guide to Value Principle of Substitution: The principle of substitution states that a prudent buyer will not pay more for a property than the cost of acquiring a similar property with the same desirable features and utility