Property Value

What is the fair market value of a home? Fair market value is defined as what a "ready, willing and able buyer" will pay for a particular property. In a stable market estimating that value can be challenging. In this market it is even more difficult. Buyers have high expectations and expect a good value that is in good condition. A long market time (measured in DOM or days on market) tells me the price is too high.

Fair market value is not what an owner paid plus the money and sweat equity invested into the property. The fact remains that if it does not sell, it has either not been presented in its best light and/or not properly advertised OR the home is overpriced. The property owner may not be willing to sell for the market price.

In the industry we estimate fair market value by looking at comparable properties that have recently sold (within the past 6 months) and homes that are currently on the market. Comparable properties would be homes of similar age and size located on similar lot and similar neighborhood. On Bainbridge finding exact comparables is almost impossible so adjustments would need to be made for each property.

If you are a seller or a buyer I can prepare a report providing you with that kind of information.