How Do You Determine Fair Market Value?
If you own a home, you know that it’s important to protect that investment. One of the ways to do this is to secure a great mortgage with a low rate and payment that matches your long-term goals. Another important consideration is to consistently be aware of the Fair Market Value of the house that shows how much equity you’re gaining and how well your investment is growing. Ask around the neighborhood to begin to get an idea of the Fair Market Value (FMV) of your home. A good way to do this is to find neighbors that both live on your street and that have houses that are comparable in size, structure and style. Asking a neighbor with a much larger house or much smaller house will mislead you. Also, if you’ve had any neighbors refinance recently that you are aware of, they will be a good resource. Get a preliminary reading by researching online. Check out zillow.com, which offers up-to-date readings of most neighborhoods, taking into account the state of the economy, housing market, your
