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Real Estate Tips
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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Real Estate Trivia
Q 
Where was the actual location of the fictional Genovian Consulate in the 2001 Disney comedy, "The Princess Diaries"?

A 
The historic Doheny mansion, located on the campus of Mount St. Mary's College, near downtown Los Angeles.
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The Marge Smith Team, REALTOR®, real estate agent and broker for Fort Myers, Bonita Springs, Estero and Cape Coral, Florida home listings, property and land for sale - NUMBER1EXPERT(tm)

The Marge Smith Team
Century 21 Sunbelt Realty 1, Inc

13640 Six Mile Cypress Parkway
Fort Myers, FL 33912
Marge's Direct Line: 239-425-8882
Marge's cell: 239-839-3621
Fax : 239-561-5655
margesmith@NUMBER1EXPERT.com

I started out with a career as a Teacher but switched to Real Estate. I have been with Century 21 since the beginning and am proud to that I have been inducted into the International Hall of Fame. I have built Reputation for Results and a Tradition for Trust!!! EXPERIENCE THE DIFFERENCE!!!!!

GRI CRS MLS REALTOR


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