How is the fair market value of your home determined?
2006-12-10 02:31:11 · 2 answers · asked by ~*BS~MRA~Girl*~ 2 in Business & Finance ➔ Renting & Real Estate
The fair market value of a home is determined by using a Comparable Market Analysis (CMA). Basically, an appraisor will use the selling prices of homes similar to yours in your neighborhood to determine an average price of "market value". However, if your home as additions (such as marble tile flooring, or berber carpet) that the other homes did not have, then it is probable that your home will sell for more and as a result the fair market value of your home will be more. On the same token, if your home has less amenities and upgrades than the other homes, then your home may sell for less.
2006-12-10 02:36:43 · answer #1 · answered by lildiesel2001 2 · 0⤊ 0⤋
Your home is valued based on the sales of similar properties in your area. Your value will be less or more depending on square footage, # of bathrooms, condition, amenities, location, lot size etc. To get a specific value of your property you should have an appraisal done; to get a range you should have a CMA done.
2006-12-10 05:01:20 · answer #2 · answered by tianaramal 4 · 0⤊ 0⤋