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What determines the value of your home?

Fair Market Value is the price a willing buyer will pay and a willing seller will accept for a property that has been exposed to the market for a reasonable length of time, where neither party is under duress.  In other words, if 3 other homes exactly like yours (exact same size, condition, and amenities) sold for $300,000 the Fair Market Value of your house would be $300,000.

How do you determine Fair Market Value?  By finding sales of properties that are reasonably similar to the property. In a subdivision where there are a lot of homes that were built with the same floor plan it is relatively easy to find "comparable" sales. The problem is when there are no homes exactly like it, or there have been…

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