The realities of Fair Market Value

    You’ve lived in your house for a while, but now you wonder what the house is worth.  Why not get a fair market value assessment?

    “What’s that”, you say?  A fair market value will tell you the price (or value) of your home.  However, the fairness comes in when the price is debated upon.

    The fair market value will tell you what your house is really worth
    The fair market value will tell you what your house is really worth

    In order to get a fair market value, you will need to get your house appraised by a professional.  Here in the Western Upstate of South Carolina, if you need a mortgage, your house will more than likely need to be appraised so all parties involved will know what the house is worth in today’s market.

    There are several situations in which it is helpful to know the fair market value.  We at The Powell Group have a list for you.

    1. Property tax value is determined by the fair market value of your home.  Once you know it, your taxes will be easier to understand.
    2. Home insurance is also based on the FMV.  If you have a claim, knowing what your house is worth will help you know what you can be insured with.
    3. If you ever find that your house is valued at less than what you currently owe on the house, you may want to do a short sale with your realtor.  But, be advised you may still be responsible for the fair market value if you haven’t paid that yet.

    The Powell Group encourages you to find out more about fair market value and what it means to you.  Our team members have all your answers.

    If you are moving within the Western Upstate, log on to our website and view all of our available homes.  We are sure you will find exactly what you are looking for.

    (Picture used from Wikimedia)

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