Fair Market Value?

Asked by Nicolelily225, Denmark, WI Sun Jan 27, 2013

I recently looked at a home that was very nice, but priced quite high. I am struggling to come up with a reasonable offer. Is the fair market value usually quite accurate on what a home should sell for? Also, is the tax assessed value accurate also? I am just wondering if this house is very overpriced or if I am missing something

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Matthew Heit…, Agent, Stoughton, WI
Mon Jan 28, 2013
Thanks for your question Nicole. Like Maria below stated, your Realtor® can give you a Comparative Market Analysis, or CMA. This will compare recently sold homes in the area that are similar in size, style and age.

This is the same sort of analysis that banks ask Realtors® to perform when they are ready to list a foreclosure home or accept an offer on a short sale home. Hope that helps!

Best of Luck!
Michael Collins- SFR, BPOR
Broker - Rock Realty
Ask me about our Home Buyer Discounts!

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Maria Gilda…, Agent, Manchester, CT
Sun Jan 27, 2013
Fair Market Value? Home prices are market driven. You have to work with a realtor to give you recommendation with regard to a reasonable offer. Prices are determined by the recent sold similar homes in the area within a certain distance of the subject property.

The tax assessed value does not have any bearing on the current market value of homes. This is a value set by the town for tax purposes only. It is normally a set percentage of the town's appraised value which is not a true representation of the on-going market value of homes.

I wish you the best of luck.
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