When adjusting the sales price of a comparable sale, how should the price be adjusted if the subject property has a built-in fireplace?

When determining how to adjust the sales price of a comparable sale for a subject property that features a built-in fireplace, the adjustment should be made upward. This is because a built-in fireplace is typically considered an amenity that adds value to a property. Buyers often perceive properties with fireplaces as more desirable, especially in regions where they enhance the home’s comfort and aesthetic appeal.

In this scenario, if the comparable property does not have a built-in fireplace, the value of the subject property with this feature would likely be higher than that of the comparable sale. Therefore, to make the prices comparable and reflect the added value provided by the fireplace, the price of the comparable would need to be adjusted upward.

This logic hinges on understanding buyer preferences and market trends; additional features that increase livability and comfort can command a premium. Hence, in a market where fireplaces are sought after, the correct adjustment for the lack of this feature in the comparable would indeed warrant an upward price adjustment.