Comparable Items and Appraising Machinery
When it comes to appraising machinery, comparable items play an important role in determining the value of the machinery being appraised.
Essentially, comparable items are similar pieces of machinery that have been sold recently. By examining these comparable items, appraisers can gain a better understanding of the current market value of the machinery in question.
DataRef offers up to date machinery comps for items sold at auction across North America. New sale results are added weekly so users always have the most recent information. There are over 650,000 items that can easily be searched and compared.
Appraisers can look at the features, condition and age of the machinery to determine if it is comparable to the item being appraised. Comparable items can be selected and printed out as a record for the work file or saved as a pdf.
The value of the machinery being appraised is based on the prices of comparable items. Appraisers may then adjust the prices of comparable items to account for differences in features, condition, age and other factors. This allows appraisers to arrive at an accurate market value for the machinery.
When appraising machinery, it’s important for appraisers to consider all available comparable items. Appraisers should also use a variety of sources to find comparable items, as this will help ensure that the most accurate market value is determined. DataRef follows over 50 different auction companies on a variety of bidding platforms.
By considering all available comparable items and making appropriate adjustments, appraisers can arrive at an accurate market value for the machinery being appraised.