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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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What are considered the ideal conditions for a seller's market?
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In a seller's market, prices are firm and good houses are sold before advertised or as soon as they show up in the MLS. |
 See More Real Estate Trivia > |
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The Jannone Team
Prudential New Jersey Properties
1996 Washington Valley Rd
Martinsville, NJ 08836
Office: 732-469-7470
Fax: 732-271-8940
brianjannone@NUMBER1EXPERT.com
Licensed since 1986, Brian Jannone is a successful Broker/Sales Associate with in depth experience in relocation, real estate sales, marketing, and client relations. In 1993, Brian started the "team" so he could better serve his clients. One of Prudential Real Estate Network’s annual top associates, Jannone has again received the Platinum Level membership in the NJAR Circle of Excellence. He is also a Prudential Chairman’s Circle member at the Platinum level, a recognition that only two percent of sales associates in Prudential’s international network achieves. Their exceptional service attitude has made them the number one team of their company.    
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