Talking Charlottesville Real Estate - What Is Fair Market Value

By
Real Estate Agent with Gayle Harvey Real Estate, Inc.

When you are selling a Charlottesville home one of the terms you hear a lot is fair market value. But what exactly is meant by fair market value and how is it determined?sold home

Fair market value is the price a qualified buyer will spend to buy your home. 

Fair market value is not

  • How much your home is assessed for
  • How much you need to sell your home for to pay off your mortgage
  • How much your next door neighbor's home sold for
  • How much you need to get inorder to buy the next home you want

If you want to sell your home in todays market, it is crucial to price it correctly.  Price is the most important determining factor as to whether your home will sell.  When your home is at the correct price, offers will come.  If you are serious about selling your home, it is helpful to have the assistance of a qualified real estate professional to assist you with setting the price.

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Rainer
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Carol Costanzo
Montague Miller and Company - Charlottesville, VA
GRI, SFR

You are right Pam, overpriced listing just sit and gather days on market. Buyers are very savvy and many times will not even come to look at them because "the seller is not realistic, and I don't want to waste time."

Nov 19, 2010 10:11 PM #1
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Pam Dent
Gayle Harvey Real Estate, Inc. - Charlottesville, VA
Realtor - Charlottesville Virginia Homes and Horse Farms

Carol - The sellers don't understand that the buyers often think that there is no point in making an offfer.

Nov 19, 2010 10:27 PM #2
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Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

The tax assessed values of properties in Virginia are more valuable in determining FMV than in other states which have artificial discounts like CA Prop 13.....it is a good place to start

Nov 22, 2010 06:35 AM #3
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Pam Dent
Gayle Harvey Real Estate, Inc. - Charlottesville, VA
Realtor - Charlottesville Virginia Homes and Horse Farms

Wallace - It is a good place to start.  How much under or over assessed value that homes are selling at may vary by neighborhood.  It is often a good idea to look at past sales and compare the sale price to the assessed values.  There may be a helpful pattern.

Nov 22, 2010 11:03 AM #4
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Pam Dent

Realtor - Charlottesville Virginia Homes and Horse Farms
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