People also ask
What is market value in property?
Market value is an opinion of what a property would sell for in a competitive market based on the features and benefits of that property (the value), the overall real estate market, supply and demand, and what other similar properties have sold for in the same condition. The major difference between market value…
What is fair market value in real estate?
Fair market value (FMV) in real estate is the determined price that a property will sell for in an open market. The FMV is agreed upon between a willing buyer and seller, both of whom are reasonably knowledgeable about the property in question.
What factors determine the market value of a home?
However, nearly every market valuation comes down to two factors: real estate appraisals and recent comparable sales . The fair market value is the price a home would sell for on the open market under normal conditions.
How does a realtor estimate market value?
When estimating market value, a realtor will always pull recent comparables sales that are similar to the subject property to provide the buyer and/or seller with an analysis of the current market sales, and then factor in the conditions of supply and demand.