Accordingly, if one were to pick just one facet of the real estate industry for supplying or using geographic software, hardware, data or services, property valuation would be a logical choice.
Comparable sales is the most widely used method, especially for residential properties.
The appraiser then averages the adjusted sales prices of the comps to obtain an estimate of the subject's value. GIS software and data can be very useful in identifying appropriate comps. An appraiser can display a map showing all recent sales. The appraiser might select different buildings and calculate new valuation scenarios. Income-based and replacement cost valuations can be conducted in a similar manner.