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About Appraisals >Fair Market Value
What is the best price for a piece of real estate? Mortgage lenders, appraisers, and real estate brokers use what is called the "fair market value" (FMV). FMV has been defined as "the price that a buyer is willing to pay and the seller is willing to accept, when both parties are knowledgeable about the property and neither is under any time pressure to buy or sell". Sounds great, but how is this price determined?
The starting point for determining a fair price may be an opinion of the value or "comparative market analysis". Such an analysis uses information on similar properties which are: 1) currently for sale, 2) already sold, or 3) expired properties (those which did not sell). Local, national and international trends and market conditions must also be evaluated.
By comparing similar properties in each of the three categories and the market conditions, appraisers, lenders and agents come very close to the maximum price that buyers would be willing to pay for a house.
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| Q |
What is the world's largest palace?
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| A |
The Imperial Palace (Gugong) in the center of Beijing, China covers over 178 acres and dates back to the early 1400s. |
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Team Patrick
Jan Patrick, Inc.
7234 Lancaster Pike
Hockessin, DE 19707
Phone: 302-234-6046
Fax: 302-234-6049
JanPatrick@NUMBER1EXPERT.com
Jan Patrick is ranked as one of the top producing real estate agents in the United States. Licensed in the states of Delaware and Pennsylvania, Jan has a team of people to assist her in providing the highest level of service to her clients. Jan is known for her innovative approach to marketing homes, the personal attention she gives to buyers, and her total commitment to providing excellence in real estate services. Jan was the first real estate agent in the state of Delaware to hold the Certified Luxury Home Marketing Specialist designation.    
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