Which of the following is NOT a unit of comparison in sales comparison approach?

In the sales comparison approach, the goal is to estimate the value of a property by comparing it to similar properties that have recently sold. This method relies on various units of comparison to ensure that the properties being analyzed are sufficiently alike to provide a basis for valuation.

The first three options—age of improvements, location, and size—are critical components in this approach. The age of improvements helps determine how maintenance and updating may affect a property’s value. Location is fundamental because properties in different areas can have vastly different market values influenced by local amenities, schools, and demand. Size is also essential as it correlates to the amount of living space available, which directly impacts the market price.

On the other hand, current mortgage rates do not serve as a unit of comparison within the sales comparison approach itself. While mortgage rates can affect buyers' purchasing power and overall market conditions, they do not factor into comparing one property directly to another for the purpose of setting a value based on comparable sales. Instead, they play a broader role in the overall market environment and may impact buyer behavior but do not serve as a tangible standard related to the properties being compared. Therefore, current mortgage rates are not classified as a unit of comparison in this approach.