Fair market value, simply speaking, is what a buyer is willing to pay for a property; in other words, "what the market will bear." This is, in essence, what a property is worth. There are many factors that go into establishing the fair market value of a home, and two weighty ones are the home's square footage and number of bedrooms/bathrooms. The home's age, condition and location are also important factors, and the school district can greatly affect value for home buyers with children. Supply and demand is also a consideration. The fewer comparable listings there are on the market in your area, the more valuable your home, especially if it has hard-to-find amenities or is located in a very desirable neighborhood or sought after area. Conversely, if there are lots of comparable homes on the market, it can lower the value of your home, particularly when there is a scarcity of buyers.
An easy way to determine the value of your home is to request a comparative market analysis (CMA), which tells you how much your house is worth compared to other homes sold in the area in the past year.
But of course this is never to be confused with an official appraisal of your home by a licensed real estate appraiser to determine the value of the property. But these two determinations can often vary for different reasons of course. The facts are this: what the value is on paper verses what the market bears (what a ready, willing, and able buyer is ready, willing, and able to purchase your home for can be different) can always be off sometimes of course.
I will be happy to personally complete this comparative market analysis for you upon request for free! Just contact me and I will go over a few details with you. Give me a call or email me TODAY!
Have a great day! It's a good LIFE!!!
770-889-SOLD (OFFICE) 678-549-2800 (CELL) firstname.lastname@example.org