I believe in the Fair Market Value Approach.
Fair Market Value is what a willing buyer and a willing seller agree by contract is a
fair price for the home. Values can be impacted by a wide range of reasons but the
two largest are location and condition. Generally, fair market value can be determined by comparable other similar homes that have sold or are currently for sale in the same area. Sellers often view their homes as special which tempts them to put a higher price on the home, believing they can always come down later, but that’s a serious mistake.
Fair Market Value is what a willing buyer and a willing seller agree by contract is a
fair price for the home. Values can be impacted by a wide range of reasons but the
two largest are location and condition. Generally, fair market value can be determined by comparable other similar homes that have sold or are currently for sale in the same area. Sellers often view their homes as special which tempts them to put a higher price on the home, believing they can always come down later, but that’s a serious mistake.