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Joanna Parker-Lentz and Jodi B. Rubenstein, REALTORĀ®, real estate agent and broker for Short Hills, Livingston, West Orange and Millburn, New Jersey home listings, property and land for sale - NUMBER1EXPERT(tm)

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About Appraisals >Fair Market Value

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.

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Q	What is the least affordable metropolitan housing market in the United States?
A	California's Los Angeles-Long Beach-Glendale is currently rated as the most expensive metro area in the nation.
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Joanna Parker-Lentz and Jodi B. Rubenstein, REALTOR®, real estate agent and broker for Short Hills, Livingston, West Orange and Millburn, New Jersey home listings, property and land for sale - NUMBER1EXPERT™

Joanna Parker-Lentz and Jodi B. Rubenstein
RE/MAX Village Square
508 Millburn Avenue
Short Hills
NJ, 07078
Office: 973-467-8522
Fax: 973-467-8523
Email: JodiJoanna@NUMBER1EXPERT.com

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