Rental Basics in Chicago>Question Details

rankinyolanda, Renter in Chicago, IL

what does it mean to pay market value for an apartment in the state of illinois?

Asked by rankinyolanda, Chicago, IL Tue Feb 4, 2014

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"The most probable price (in terms of money) which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: the buyer and seller are typically motivated; both parties are well informed or well advised, and acting in what they consider their best interests; a reasonable time is allowed for exposure in the open market; payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale."
1 vote Thank Flag Link Tue Feb 4, 2014
The same as it means in all states. The price you pay should be about the same, or less, than similar properties in the same general area within 6-12 months past. If other buyers have paid 100K for something similar to what you want then you should pay about that price or less if you can get it.
1 vote Thank Flag Link Tue Feb 4, 2014
Market Value is the value the open market places on a good or service under normal circumstances. So, in real estate this would exclude auctions, foreclosures or short sales since those sales are not market sales.
0 votes Thank Flag Link Fri Mar 28, 2014
It means you are paying what it is worth. You're not getting a great deal and you're not paying too much. Basically.
0 votes Thank Flag Link Wed Feb 5, 2014
Market value is the amount of money a renter is willing to be for an apartment. Renters decision on what they are willing to pay is based on the types of amenities in the building or condo.
0 votes Thank Flag Link Wed Feb 5, 2014
La respuesta seria no pagar precio del mercado por una casa en Chicago
0 votes Thank Flag Link Tue Feb 4, 2014
The key is not paying market value :)
0 votes Thank Flag Link Tue Feb 4, 2014
It means what the value is of the unit for the current market.
Web Reference:
0 votes Thank Flag Link Tue Feb 4, 2014
Market value means what a ready, willing and able renter or buyer is willing to pay; meaning the dollar amount the market dictates.
0 votes Thank Flag Link Tue Feb 4, 2014
To price a property based upon the properties have recently sold for or are on sale or did not sell in the same area/market. It's usually based off of the listing agents CMA (Comparative Market Analysis) of market activity among comparable properties. Hope this helped!
0 votes Thank Flag Link Tue Feb 4, 2014
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