How do I determine a homes value?
The value of a home is typically determined by recent home sales of similar homes in the same area. Thats not to say that a similar home cant sell for more or less. Each seller and buyer enter the real estate market faced with different challenges. A pending foreclosure, divorce, expiration of a lease, multiple offers on the same home, or relocation are some occasions that could influence the sale price of a home. The definition of fair market vale is The highest price estimated in terms of money which the property will bring when exposed for sale in the open market by a willing seller allowing time to find a willing buyer, neither buyer or seller acting under compulsion, both having full knowledge of all the uses to which the property is adapted and for which the property is capable of being used So long as there are no extenuating circumstances involved in the recent area sales these comparable sales can be used in the comparison. This type of valuation is known as the Comparable Mar
