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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.
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| Q |
What place is known as "America's Stonehenge"?
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| A |
A 4,000 year-old stone constructed megalithic site located on Mystery Hill in Salem, Massachusetts. |
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Terese Brittingham and Thomas McCouch Sales Team
Keller Williams Realty Group
542 N. Lewis Road, Suite 100
Limerick, PA. 19468
Terese's Office Phone : 610-792-5900 x8101
Terese's Cell: 610-574-9271
Tom's Office Phone: 610-792-5900 x8102
Tom's Cell: 610--574-9272
Team Fax: 484-762-8157
Email: teresekw@gmail.com
Email: tmccouch@kw.com
Terese Brittingham - RM419528
Thomas McCouch - RS205607L 
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