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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 45,000 sq.ft. home on 5-acres on Lake Washington is described as an 'adventurous house' by its owner?
A	The home of Microsoft's Bill Gates ($40+ million) has a wall of 24 video monitors featuring art and film and a 60-foot pool.
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The Hughes Team, REALTOR®, real estate agents and broker for Colorado Springs, Monument and Woodmoor Colorado home listings, property and land for sale - NUMBER1EXPERT(tm)

The Hughes Team
RE/MAX Properties, Inc
1740 Chapel Hills Drive
Colorado Springs, CO. 80920
Direct Line: 719-388-2488
Toll Free: 800-325-0463 x-1814
Fax: 719-481-2086
Email: Homes@TheHughesTeam.com
The Hughes Team is all about using Leading Edge Technology to bring about Leading Edge Results. Wayne & Rosemarie Hughes have lived in the Colorado Springs area for over 25 years and thoroughly enjoy the many outdoor activities available in this beautiful state. As a Certified Internet Professional and a Certified Residential Specialist, Wayne and Rosemarie bring a significant amount of real estate knowledge and experience to any transaction. They represent both Buyers and Sellers and also work with numerous custom and production builders. Wayne & Rosemarie have been awarded membership in Re/Max International's Platinum Group and the Colorado Springs Elite-25 Group. In addition, Wayne & Rosemarie have been made members of Re/Max International's prestiguous Hall of Fame Club. Don't take a chance with what may be one of your largest investments! Choose a team that is going to get you the best value whether you are buying or selling.

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