Fair market value has the same meaning no matter where you live in this great country of ours. It is the price that a buyer is willing to pay an a seller is willing to accept without duress. Richard explains it beautifully here.
“Fair Market Value” has a simple definition. It is the price that a buyer is willing to pay and a seller is willing to accept without duress.
“Appraised Value,” “Loan value,” “Tax Value,” and especially “Internet Value” have nothing to do with fair market value, other than the effect that they might have on what a buyer is willing to pay.
Keeping in mind that the fact what the buyer is willing to pay is only one half of the fair market value, the other being what the seller is willing to accept, one must not be oblivious to the fact that there may be other ready, willing, and able buyers for the property,
When a seller calls for “highest and best” in a multiple offer situation, you are likely to uncover the true fair market value of the property.
The same applies to a property that languishes on the market for a long period of time that only garners a single low offer. If there is NO market, there is little value.
It’s not about counting bricks or measuring square feet.
Fair market value depends on a meeting of the minds, and the ability to perform.
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