How Do You Find The Fair Market Value Of A House?
Fair market value (FMV) of a house is the price at which both buyers and sellers agree to do business. It is estimated by the average of prevailing market values of a given commodity. Fair market value often is used in buying or selling a house. A seller does not want to sell at a price that is lower than what buyers are willing to pay, and a buyer does not want to buy a house at a price more than what sellers are willing to accept. Factors such as changing neighborhood conditions, house deterioration and the economy cause fair market value to change frequently. However, it is possible to determine the fair market value of a house. Obtain a comparative market analysis (CMA) from your real estate agent. The CMA report provides data on homes with active listing, pending listing, canceled listing and comparable listing. Consider the comparable list of nearby homes that have been sold in the previous six months as reflective of prices buyers and sellers are willing to accept for a house wi
