A local realtor appeared earlier this week on WOMT’s Welcome Home program with builder Brandon Bartow.
One of the topics that Brandon covered Tuesday morning with Kris Remiker of Century 21 Aspire Real Estate was Fair Market Value, which is the determined price that a property will sell for in an open market.
Remiker explained that, especially now the FMV is not going to be accurate.
“Buyers will go and look that up…and they are going to see the fair market value is say $200,000, and it’s listed at $250,000 or $260,000,” she said. “Then they are going to say, ‘Why should I pay that? Fair Market Value is only this.’”
But, Remiker added that is from when the county last assessed the houses.
“Now, with it being a sellers’ market, we are seeing prices going up $10,000 a month,” she noted. “It’s very fluid.”
So, the local real estate expert said “You can’t go by that Fair Market Value if you’re thinking that’s what it’s worth. And, if you’re thinking to buy a property, you can’t really use this as a resource to come up with a price.”
You can learn more by listening to the show at WOMTRaido.com/Podcasts.
