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Credentials
Certified Residential Specialist
Certified Residential Broker
Senior Real Estate Specialist Member
E-Pro Participant
27 Years Experience Expertise
Residential Homes, Condos, Duplexes, Apartments
Luxury Homes, Vacation Homes
Investment Property
Retirement Properties
Relocation Awards
CB International President`s Elite 93, 94, 95, 96, 97, 98, 99, 2000
Top Producer for CB in Mississippi 1998 through 2001
The Golden Triangle's Number 1 Realtor in 2005
Voted Starkville's BEST Realtor by SDN in 2004 & 2005 Specialty Markets
Relocation
Vacation/Second
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E-Pro
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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 area in the U.S. is known for its pre-civil war mansions?
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| A |
Natchez, Mississippi boasts over 500 pre-civil war-style mansions; many are open to the public as museums. |
 See More Real Estate Trivia > |
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