What is the best way to determine Fair Market Value?
May 8, 2010
Pricing of homes is not some mysterious puzzle to be solved.
Pricing is not based on what homes are for sale in your area.
Pricing is not based on what you owe on the home (plus a little profit).
Pricing is not based on what your friends and family say it is worth.
The value of your home is what the ‘market’ says your home is worth. To determine your value, you will need to know what like sized, like aged, and like property has SOLD for in the past six months. There are many variables that can affect the price such as the condition of the house. Without paying for a professional appraisal, a skilled real estate agent can pull comparable sales and determine a fair market value for you home.
The internet has become a great source of information and housing statistics can be gathered from many public sites. However, caution should be exercised when using some sites. There are many misleading sources of information. You can make numbers say whatever you want. It is important to have someone who knows the area and can compare the features of individual properties of your home as they relate to the other sold homes to come to a factual value that you home is worth.
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