Andrew, the fair market value would and should be the list price.    If the seller owes more than its value, and feels they are giving it away, then it isn't the right time to sell.  

Hi Andrew, a lot of sellers put the value of their home at more than the current market is going to bear, they think they're giving it away even when you show them the comps.

Good morning Andy. Who does, but the bigger question, a property is worth what it is and very few willing overpay.

Hi Andrew.  Sellers don't create home values.  The buyers do.

The only "fair value" is the one that the market determines...and that often is not the same one the Seller has in mind...unfortunately.

The market sets the price. Comparing similar homes is the way to see what it is worth in my opinion Andrew.

Andrew,

It is what the market determines the value to be,  You can show them the comparables, take them to similar homes on the market, and if they still feel they are giving it away, then in my humble opinion they are not ready to sell.  A

Ha. Just got off the phone with a guy who wants river front property I own, for next to nothing. He is way off base as to the market value - he's not a Realtor. I explained we would "not be giving the property away." We are ready to sell, but NOT for an unfair price.  

Long-term business can benefit from the occasional free just like putting a sale sticker on something makes it sell faster much of the time.

Hi Andy, Sellers sometimes have a different price in mind than what the market will bear. I often see investors "low balling" homes, and I will hear my sellers make this same comment.

You are correct. A home is only worth what a buyer is willing to pay for it, not what you have in your head.