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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	Which estate has two pools--one on the east side for the morning sun and one on the west for afternoon enjoyment?
A	The former estate of John Lennon in Palm Beach has two pools plus guest quarters.
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Cary Hicks, REALTOR®, real estate agent and broker for Tampa, South Tampa and Hillsborough County, Florida home listings, property and land for sale - NUMBER1EXPERT(tm)

Cary Hicks
Keller Willliams-Hicks Group-Hicks Group
1208 E. Kennedy Blvd #232
Tampa, FL 33602
Cell: 813-299-2047
Fax: 813-425-7763
info@caryhicks.com
Cary Hicks and his team are one of Tampa's top Real Estate Teams. We have extensive skills and experience working with buyers and sellers, including assisting numerous Local and National companies on their Relocations. My goal is to create a "CUSTOMER FOR LIFE" through excellent service, honesty, expertise and the personal service you deserve. SELLING TAMPA EVERY DAY!!!!

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