What is "Fair Market Value"?

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When you decide to sell your home, one of your first questions is how much to ask?

You want to price your home low enough to produce a quick and efficient sale, but still high enough to get a reasonable return on what is probably your major investment. Therefore, it is essential to determine a fair market value.

"Fair market value is defined as the price a willing buyer will pay
to a willing seller without duress or pressure."

Like any other product, the value is based on supply and demand. However, it is rare that two homes are exactly alike.

Factors such as community, location, age, condition, improvements, and design all have an impact on a home's worth.

Since similar homes compete for the same buyers, you will have to make sure your home is priced competitively.

The state of the market also affects value. If there are a lot of homes for sale and just a few people interested in purchasing, a buyer's market price tends to stabilize or go down. You may need to lower your estimate of value in this kind of market.

In a seller's market, there are many buyers and fewer homes for sale. In this case you can expect to receive a higher price for your home.

You probably have a rough idea of the general price range for homes such as yours by talking to friends and neighbours, reading newspaper articles and real estate advertisements, and comparing your home with others which have recently been sold in your neighbourhood.

What you need now is solid, factual information what will allow you to judge the value more accurately.

Your best source for this kind of information is a Realtor, who deals with buyers and sellers on a daily basis.

We can provide you with a market evaluation of your home, free of charge and obligation.

This evaluation will take into account market conditions, asking and selling prices for homes of the same type, and all the special features that make your home unique.

We have access to complete computer information on the homes in your community which have recently sold and that are currently listed.

By entering information about your home into the computer, for example, location, size and special features, we can get a list of similar homes, complete with asking and selling prices.

Then we can compare these homes with yours, discussing the differences and how they will affect the value.

Keep in mind that many home owners tend to over-estimate the value of their homes. Personal attachment, pride of ownership and a desire to obtain as high a price as possible, all influence judgment.

Try to take an objective look at your property.

Should you overprice your home, you're taking a number of risks.

It will take much longer to sell it and you will probably have to lower your price to a more realistic market value. Such reductions do not help your marketing position.

After you have looked at general market conditions, the selling price of similar homes, the features of your own home and our evaluation, it should be easy to determine the FAIR MARKET VALUE.

To determine the Fair Market Value of your home, please call The Stevenson Team.

Call The Stevenson Team at 1-800-836-3996

E-mail: info@comoxvalleyrealestate.net

ocean pacific realty
282 Anderton Road, Comox, BC V9M 1Y2