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Team Gnas, REALTORŪ, real estate agents and broker for Lexington, Georgetown and Nicholasville Kentucky home listings, property and land for sale - NUMBER1EXPERT(tm)
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Real Estate Tips
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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Real Estate Trivia
Q 
What real estate board game became the best-selling game in America just one year after it was created?

A 
Charles B. Darrow invented Monopoly in 1934, to cheer himself up while unemployed during the Great Depression. Monopoly is now the most popular board game in the world and has sold over 200 million copies.
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Team Gnas, REALTORŪ, real estate agents and broker for Lexington, Georgetown and Nicholasville Kentucky home listings, property and land for sale - NUMBER1EXPERT(tm)

Maria Gnas
Keller Williams Bluegrass Realty

2424 Harrodsburg Rd
Suite 101
Lexington, KY 40503
Office: 859-519-3137
Cell: 859-229-2295
Fax: 859-293-8717
Maria Gnas: Maria@TeamGnas.com

Maria Gnas and Team Gnas at Keller Williams Bluegrass Realty are passionate about surpassing all expectations, rising above industry standards to stay at the top of your list and first on your mind when you need Real Estate experts!

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