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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.
What is the longest construction time for a private residence?
The Winchester House in San Jose, CA, was under construction for over 38 years.
Keith RitterKeller Williams Realty7025 W. Bell Rd., Suite 10Glendale, AZ. 85308602-908-5020Fax: 602-908-5020Email: keith@KeithRitter.comKeith Ritter is the NUMBER ONE SERVICE PROVIDER in Glendale, Peoria, Scottsdale and the Greater Phoenix Metropolitan area. He has a proven track record that few agents can match! His experienced team works exclusively for Keith to provide SUPERIOR SERVICE. They free Keith up to spend more time with YOU! State of the art computers and other technologies allow Keith to provide fast, efficient service to his clients!
Keith RitterKeller Williams Realty7025 W. Bell Rd., Suite 10Glendale, AZ. 85308602-908-5020Fax: 602-908-5020Email: keith@KeithRitter.com
Keith Ritter is the NUMBER ONE SERVICE PROVIDER in Glendale, Peoria, Scottsdale and the Greater Phoenix Metropolitan area. He has a proven track record that few agents can match! His experienced team works exclusively for Keith to provide SUPERIOR SERVICE. They free Keith up to spend more time with YOU! State of the art computers and other technologies allow Keith to provide fast, efficient service to his clients!
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