In My Neighborhood in 30228>Question Details

Rmclark, Home Owner in 30228

is fair market value actual value of home?

Asked by Rmclark, 30228 Sun Jan 22, 2012

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When I was a young boy I once told my dad how excited I was that I had a Rickey Henderson baseball card and it was now worth $5.50 according to my baseball guide! His response taught me something about value that I still use today when discussing homes with clients..... A man of not many words, he cleared his throat and in response to my comment said, "find someone to give you $5.50 for it". Your home is worth what someone is willing to reasonably pay for it. That is its market value.
1 vote Thank Flag Link Sun Jan 22, 2012
Good call Peter - I hear the same thing from my kids...I can sell this for 100 on Ebay. The basement is filled with $100 Ebay garbage....

It don't mean a thing if it aint got that cash register ring......
0 votes Thank Flag Link Sun Jan 22, 2012
Actual value of a home is what a well informed "normal-arm's length" buyer pays for it. All other "values" are opinions/estimates based upon current comparable data. As you know, those can vary significantly.

The market determines "value", nothing else.
0 votes Thank Flag Link Sun Jan 22, 2012
Another aspect of the home's fair market value relates to whether the transaction is at indeed at "arm's length" -- that is that the Buyer and Seller are not related for example or other special circumstances.

Marilyn Holda-Fleck
Prudential NJ Properties
0 votes Thank Flag Link Sun Jan 22, 2012
Fair market value is the value of a property based on comparable homes that have sold recently and of similar size, features and location. It will change daily, weekly and yearly as homes sell.
0 votes Thank Flag Link Sun Jan 22, 2012
FMV is what a willing buyer and a willing seller agree to. That is my definition of a property's worth. Appraisals and assessments are easier to get but are not so accurate.
0 votes Thank Flag Link Sun Jan 22, 2012
The value of a home is the price a ready, willing and able buyer will pay and what a seller will accept.
Web Reference:
0 votes Thank Flag Link Sun Jan 22, 2012
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