Mary’s Maui Real Estate

What is fair market value and how is it determined and when is it important?? 

FMV is the price a buyer is willing and able to pay and a price on which the seller will accept for the property under reasonable and ordinary conditions.  There are many other life situations (such as foreclosure, short sale, lack of a job, reduction of income, not being able to qualify for a loan…. etc) that can exert pressure on one or both parties; and when they do, the price that is agreed upon may or maynot reflect teh TRUE FMV. 

One major factor that will come into play when arriving at FMV includes the status of the local real estate market.  Because there are many factors that change, FMV for any given property is not static. 

When is this information important?  The answer is now…selling a house???Make sure you are pricing your home in the Market not out of the market!   Pricing it to sell will not only get you what you wish (when listing a property….is the intent not to actually sell it???)  this strategy will also help stimulate the economy and help the current crisis we are facing.  One sale at a time is how we can help this island!

Mary on Maui

http://www.maryonmaui.com

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