Luxury Homes/Top Towns

Community Info and Luxury Service for Home Buyers and Sellers on the Move

Luxury Homes for Sale in Berkeley Heights, Chatham, Clark, Cranford, Fanwood, Garwood, Madison, Millburn, Mountainside, New Providence, Scotch Plains, Short Hills, Summit, Warren, Watchung, Westfield

  • Home
  • Eat, Shop & Play
    • Arts and Leisure
    • Dining
    • Shopping
    • Sports
    • Trusted Local Vendors
  • Buyers
    • Arts and Leisure
    • Best Financing Rates & Moves
    • Housing Options for Seniors
    • Search for Homes
  • Sellers
    • 7 Investments for a Better Return
    • Thinking of Selling Your Home?
    • What Makes Your Home Sell Fast?
    • Sell Your Home
    • Your Home’s Value
  • Tips
  • Bio
  • Contact
  • Property SearchSearch for homes for sale in the Westfield, NJ area.
  • Your Home’s ValueSee what your home is worth in today’s market.
  • Town ProfilesLearn more about Westfield and the surrounding area.
  • Scott’s NJ BlogGet the latest Westfield area community information.

Determining the Fair Market Value of Your Westfield Home

June 4, 2021 by Scott Gleason

The real estate market is an ever-changing landscape. Currently, sellers wield the upper hand. But that does not mean that buyers will pay an astronomical amount simply because you asked for it. For a successful transaction, you must list your Westfield home at a price appropriate for the current market. Fair market value (FMV) helps sellers determine this price.

The fair market value of your Westfield home may differ slightly from your appraised value but is just as important when deciding on a list price.

Fair Market Value

How to Calculate Fair Market Value

Click here for an instant "No Strings Attached" valuation of your home.You must take into account several factors to come to a proper FMV. They change from month to month and sometimes even from week to week. Talk to your Westfield REALTOR® about how the market is behaving right now. Look at how much buyers paid for recently sold homes in your neighborhood recently. Look at the price-per-square-foot of homes similar to your own to provide you with an estimated value of your property. Hire an appraiser to assess the value of your Westfield home. All of these variables go into your calculation of FMV.

Fair Market vs Appraised Value

The appraised value is slightly different than the FMV. Banks use the appraised value of a home as part of their consideration in whether to approve or deny a mortgage loan. However, they will not approve a loan with an appraised value below the sale price. When that happens, buyers need to come up with money out of pocket to make up the difference or sellers need to lower their price. If neither side comes to an agreement, the sale falls through. Then, no one wins. But the FMV may end up higher than the appraised value. This happens in more popular neighborhoods. Again, discuss your options with your Westfield REALTOR® before deciding on what to list your property for when you decide to put it on the market.

Scott Gleason, CRS at Coldwell Banker Realty – East, NJ Luxury Homes

Filed Under: Westfield Seller Tips Tagged With: appraised value, fair market value, fair market value vs appraised value, westfield home seller tips, westfield real estate, what should i sell my home for, whats the difference between fair market value and appraised value

Contact Scott

 

Meet Scott Gleason - Westfield NJ Real Estate

Scott Gleason

Luxury Homes for Sale in Westfield, New Jersey

Coldwell Banker Realty - East

Westfield Area Luxury Homes

209 Central Avenue
Westfield, NJ 07090
908-233-5555 Office
908-698-2630 Mobile/Direct
Send an Email to Scott

Scott Gleason reviews

Check out Scott Gleason-RE/MAX Select on Yelp

Please follow & like us :)

Subscribe to my Feed
Follow by Email
Facebook
Facebook
Twitter
Visit Us
Follow Me
Pinterest
Pinterest
fb-share-icon
LinkedIn
LinkedIn
Share

Scott Gleason – Coldwell Banker Realty

908-698-2630 – Direct

Site Map


Deprecated: Hook genesis_footer_creds_text is deprecated since version 3.1.0! Use genesis_pre_get_option_footer_text instead. This filter is no longer supported. You can now modify your footer text using the Theme Settings. in /home/luxury1homes/public_html/wp-includes/functions.php on line 5755

Scott Gleason

Coldwell Banker - East

Luxury Homes for Sale

in Westfield, New Jersey

908-233-5555 Office
908-698-2630 Mobile/Direct

Send an Email to Scott

© 2022 Luxury Homes NJ - Scott Gleason

Website Design and Maintenance by Second Self Virtual Assistance