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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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Where is the world's largest stained glass window?
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The American Airlines terminal at the Kennedy International Airport in New York City has a stained-glass window that is 300 feet long and 23 feet high. |
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Ricklie Stone and Ron Waxman
Coldwell Banker Bain
1200 Westlake Ave. N. #406
Seattle, WA 98109
"The Results You Need"
Ricklie: 206.465.9179
Ron: 206.353.7107
Fax: 206.284.6317
RicklieandRon@SeattleResults.com
Ricklie and Ron serve clients in all of Seattle's urban neighborhoods including Downtown, Belltown, South Lake Union, Queen Anne, Magnolia, Ballard, Sunset Hill, Fremont, Wallingford, Green Lake, Maple Leaf, Ravenna, Roosevelt, Wedgwood, Laurelhurst, Windermere, Jackson Park, Pinehurst, Olympic Hills, Lake Forest Park, Capitol Hill, Denny Blaine, Montlake, Madison Valley, Madison Park, Central District, Leschi, Madrona, Mt. Baker, Columbia City and West Seattle. Additionally, we work the eastside from Bellevue to North Bend and north of Seattle from Shoreline to Edmonds. We are experts in transacting single home homes, townhomes, condominiums, co-ops and investment properties. We're passionate about real estate and that translates into results for our clients. For THE RESULTS YOU NEED, contact Ricklie and Ron, SeattleResults.com.     
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