Market Value
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Fair Market Value
has been defined as: the price, in terms of dollars, which a person
familiar with area real estate; ready, and
able buyer, not forced to purchase, would pay and a ready and a
person familiar with area real estate; willing
seller, not forced to sell, would accept; assuming further that both parties
are fully informed, act reasonably and have sufficient time to
consider the transaction with due care.
Market value is what price the house will bring at a given point in time. A comparative market analysis is an informal estimate of market value, based on sales of comparable properties, performed by a real estate agent or broker.
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