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Health & Fitness

Pricing a House for Sale both an Art and a Science

Sellers-to-be might know what neighbors got when they sold their homes.

Is their house/lot bigger or smaller? Condition better or worse? More or fewer updates? Location/view better or worse?

They often have an asking price in mind. 

Their Real Estate Broker will research current, local, market data from multiple sources. They will compile and analyze the data and then present their suggested selling price range opinion along with information and rationale to support it. 

But, in the end, only one factor determines the value of a house: Fair Market Value.
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 amount of time, where neither party is under duress.

So, no matter how much you want to believe otherwise, what you paid for the house, what it cost to build, nor any other factors have anything to do with what the house is worth today. It's worth Fair Market Value.

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