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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.
The Philadelphia Suburbs are a wonderful place to live with so much to offer.
Mickey Mignot is owner of one of the top Realty Executives offices in the suburbs of Philadelphia. Mickey is also one of the top agents in the area specializing in relocation, buyer representation, seller representation and providing after sale service to her past clients. Over 97% of Mickey's business is derived from referrals from her past clients and fellow realtors. That is a testimonial to her dedication to the success of her real estate practice. Mickey Mignot understands family, cares about your needs and is always working for you. Mickey is dedicated to meeting your needs, every step of the way.
Call or email Mickey today! And remember 1-800-GET-MICK...it pays!
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