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.

	See All Tips In The "About Appraisals" Category >
	See Complete Library Of Hundreds Of Tips In 30+ Categories >

Greg Herson
Mal & Seitz
1450 SE Orient Dr
Gresham, Or 97080
Direct : 503-757-1551
Office : 503-757-1551
Fax : 360-823-4243
Email: GregHerson@NUMBER1EXPERT.com

We at Herson Realty Group pride ourselves on exceeding the expectations of every buyer and seller we work for. In the ever-changing real estate industry it is very important to choose the right team to represent you. Herson Realty Group uses the most up to date technology and marketing techniques when serving its clients and our full time staff is always there to make sure every detail of every transaction is reviewed.

www.HersonTeam.com is brought to you by Greg Herson
NUMBER1EXPERT™ in real estate for Portland, OR, Beaverton, OR and Vancouver, WA, Oregon, relocation

Read Greg Herson's Privacy Guarantee, Terms of Service, and Free & Without Obligation Pledge