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	title of this thread your message This sounds like mastering the obvious, but it is actually a very powerful (and assumed) first principle of deductive logic that allows us to make a lot of fairly reliable estimates about what human beings will do regarding pricing real estate. Of course in real estate, there can be no two totally identical properties, because no two properties can occupy exactly the same location. So appraisers try to find sales of the most comparable properties they can and "adjust" them for price differences that their comparable sales suggest exist. For the sake of discussion, let's say sales price per square foot might indicate that people pay about the same price per square foot for all comparable collectible house sales that are with in a few hundred total square feet of floor area in size. This suggests that buyers are buying Wright houses, more than the specifics of any particular Wright house. So, an appraiser might estimate that the price of the property being appraised is the same price/square foot as the comparable sales, because the size of the property being appraised is within the range of the sizes of the house sales surveyed. The principle of substitution is assumed to be at work both in the minds of the buyers and is in fact used in the method of the appraiser. And if you stop and think about how you make buying choices, it is hard to say you do not at least compare properties and would substitute an equivalent one with another for approximately the same price. One always compares one thing with another in buying. Even if one says: this Wright house is utterly unique even among Wright houses, then you are saying I am trying to substitute and can't find anything to substitute to make it make sense. associated web images (optional) associated web link (optional) your email your password create a forums account \| you forgot your password?