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Real Estate Tips
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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Real Estate Trivia
Q 
What is the world's most expensive Monopoly set?

A 
San Francisco jeweler Sidney Mobell created an exclusive $2 million Monopoly set, with solid 23 carat gold houses, chimneys made of rubies and sapphires and dice with 42 full cut diamonds for spots.
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The Curtis Team, REALTOR®, real estate agents and broker for South St. Louis County, Arnold and Jefferson County Missouri home listings, property and land for sale - NUMBER1EXPERT(tm)

Jan Curtis & The Curtis Team
Coldwell Banker Gundaker
1925 Richardson Road
Arnold, Mo 63010
Jan's Cell: 314-952-4663
Kim's Cell: 314-952-7001
Email: jcurtisre@aol.com
Email: jcurtis@thecurtisteam.com

Jan Curtis and The Curtis Team is your Jefferson County and South St Louis County Real Estate experts! We've helped hundreds of Families buy & sell Homes since 1984! With nearly thirty years experience in our area and hundreds of satisfied customers, we will professionally handle all your Real Estate needs!

GRI ABR CRS REALTOR MLS Equal Housing


Coldwell Banker: Gundaker

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