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To understand “fair market value” one has to look into the meaning of comparable prices.  Comparable prices are the major factor that determines the market value. When buying a home in a neighborhood the value is determined by recent sales of homes in the same area. Houses that are similar in size (floor plan) and with similar rooms e.g. a dining room, a kitchen, two bathrooms, a lounge and four bedrooms. The most important factor of the comparable prices is the current market. The market is found to be able to change over a short period of time. The value of a property can not be based on historical data.

There are more aspects that can influence the market value such as the condition and the location of the property. To get an idea of what to consider, the following list can be of help:

·         The proximity to amenities;

·         A home with an obstructed view is worth less than a home with a view of mountains, the ocean or a lake.

·         Noise polluted area;

·         Is the property situated close to busy roads where heavy, continues streams of motor vehicle traffic occur;

·         The condition of the roof and the exterior of the house;

·         The interior condition of the walls, window frames, doors, ceiling and plumbing;

·         The condition of the electrical compliance;

·         The size or square footage of the home;

·         The security systems installed;

·         A well established garden and swimming pool will add to the value of the property.

Your Real Estate Agent is fully equipped to calculate the fair market value of a home. Your agent will guide and assist you to price your home correctly when selling. When buying a home your Real Estate Agent will help you to make the right offer. 

Published Friday, December 16, 2011 7:36 AM by Joe Prunty

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Alicia Romero said:

FOR HOW MUCH CAN YOU SELL OR BUY A HOME, Your blogs on house sell is always a great help for me and I always love to share these kinds of blogs on website and let many people know. Keep it up!

February 16, 2018 6:32 AM

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