Sorry I wasn't clear James - I only meant that lenders shouldn't allow the sales comparable approach as repeat sales can be subject to increases due to speculation rather than fundamentals.

That won't stop hot markets from becoming speculative - but it will require cash to push prices beyond the fundamentals, rather than allowing buyers to speculate with the banks money that us taxpayers inevitably end up paying for.

I certainly think that setting sales prices and making offers will revolve around the comparable sales approach - just restrained by lender limitations of reasonability.