Home Buying in 75062>Question Details

Sam, Home Buyer in 75062

What is the best way to determine Fair Market Value or Comparable appraisals in an area?

Asked by Sam, 75062 Sat Aug 28, 2010

I am interested in the 75062 area of University Hills. However, there is a wide range of appraisals because some of the houses are older than the gated community I am interested in. How do you decide what is reasonable?

Help the community by answering this question:


Market value is NOT a single number. That is the common misconception.
At a particular time certain sellers are offering their homes and certain buyers are interested in purchasing homes similar to them.
The tax appraiser and the mortgage appraiser may tell you a single number (usually different ones), but the reality is that the buyer and the seller who come to agreement are the market at that moment. At a different point in time with different buyers and sellers "the market" will come up with a different answer.

Even the mortgage appraiser using USPAP rules has significant latitude in stating a value. You can investigate these rules, but the bottom line is that the bottom line can be different by plus or minus 15% and still be within the rules. That's a lot of difference. So, the home you're looking at should sell with a high probability within that 15% up or down range, depending on the market at the moment.

Fair is a term that exists only in the minds of buyer and seller. Of course the seller wants as much as he can get and the wants to pay as little as possible. Each will tell you it's fair to the other. But what they agree on is the actual fair value.

Your Realtor can supply you a comparison of similar houses that sold recently to help you see what others have agred on. You can try the link I've included below to see a fairly automated survey of currently available prices and recently sold houses.
0 votes Thank Flag Link Mon Aug 30, 2010
Sam, don't work so hard, align yourself with a great local agent - one that can tap the data and has the analytic skills to put together a pricing analysis and you will be in good shape. Like any analysis, a pricing analysis is only as good as the comparables used. An agent can sort through the data and identify the right comparables so the analysis is meaningful. Armed with that, you will be in great shape to evaluate opportunities in the area of interest, and when you find the right home, it will be those same facts that will put you in the position to negotiate the very best deal possible.

Good luck to you!
Jeanne Feenick
Unwavering Commitment to Service
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Sun Aug 29, 2010
Hello Sam,

I would suggest contacting a few experienced agents close to the home and ask them to provide you with comps of recently sold homes. Ask them to provide you with every single sold home close to the property in the last six months. Then, I would suggest you drive by every single home that recently sold near the home of interest to you and review the area and home. After reviewing the pictures and information online and driving by each one, you should have a real good idea of the fair market value of the property of interest to you. Best wishes.
0 votes Thank Flag Link Sun Aug 29, 2010
Do a little research and determine who the specialists are in that neighborhood. Drive the area and see if you find one or two agents who consistently have signs in the yards. Call one of them and request an appointment. Good luck!
0 votes Thank Flag Link Sun Aug 29, 2010
Fair Market Value, Sam, is the price that a buyer and seller agree upon. Predicting what buyers will offer is a guessing game, and while appraisals make very well-educated guesses, the fact remains that it's just a guess, and not The Last Word.
0 votes Thank Flag Link Sat Aug 28, 2010

The absolute best way to determine a property's fair market value is to have it professionally appraised. It sounds like you are trying to identify similar comparison properties.....this can be confusing. Put it in the hands of a professional and have an appraisal done.

Good luck,

0 votes Thank Flag Link Sat Aug 28, 2010
Kathleen is right. Have your Realtor pull the comps for you. They can show you what is reasonable.
0 votes Thank Flag Link Sat Aug 28, 2010
Your buyers agent is person who can provide you info. required contact you with professionals assist you

Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Sat Aug 28, 2010
Honestly, You have to have a licensed Realtor do COMPS for you in the neighborhood. SOLD properties,
that's how Appraiser's give value and how we come up with a listing price for a property. Not appraisal district values. If you are working with a Realtor they can do that for you, if you don't have a Realtor then you can email me I'll do that for you.

0 votes Thank Flag Link Sat Aug 28, 2010
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