← Glossary
Appraisal and inspection
Adjustments
Dollar amounts an appraiser adds to or subtracts from a comp's price to account for differences like an extra bedroom, a garage, or a pool.
Also called: appraisal adjustments, comp adjustments
Related terms
Comparable sales (comps)
Recently sold homes near the subject property that are similar in size, age, and features. Appraisers and agents use them to estimate value.
Sales comparison approach
The main way homes are appraised: comparing the property to recent similar sales and adjusting for differences.
Gross living area (GLA)
The finished, above-grade living space of a home. Basements and garages are usually listed separately, which is why square footage can differ between sources.
Appraisal
A licensed appraiser's professional opinion of what a home is worth. Lenders require one to make sure the home supports the loan amount.