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Chester, Long Valley, Mendham and Washington Township Information:
About Chester - Moving to Chester, New Jersey? Get info here... About Long Valley - Moving to Long Valley, New Jersey? Get info here... About Mendham - Moving to Mendham, New Jersey? Get info here... About Washington Township - Moving to Washington Township, New Jersey? Get info here... Useful Local Links - The best Chester, Long Valley, Mendham and Washington Township websites. School Reports - Reports for Chester, Long Valley, Mendham and Washington Township schools kindergarten, elementary, and high schools. Relocating? - Free real estate information & relocation package if you're relocating to Chester, Long Valley, Mendham and Washington Township, in Morris County NJ. Go to Main Sitemap - Main sitemap sections include Find Chester, Long Valley, Mendham and Washington Township Homes, For Home Buyers, For Home Sellers, Chester, Long Valley, Mendham and Washington Township Information, Real Estate Resources, and About Diane Rapel-Zierak. 
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About Appraisals >Fair Market Value
What is the best price for a piece of real estate? Mortgage lenders, appraisers, and real estate brokers use what is called the "fair market value" (FMV). FMV has been defined as "the price that a buyer is willing to pay and the seller is willing to accept, when both parties are knowledgeable about the property and neither is under any time pressure to buy or sell". Sounds great, but how is this price determined?
The starting point for determining a fair price may be an opinion of the value or "comparative market analysis". Such an analysis uses information on similar properties which are: 1) currently for sale, 2) already sold, or 3) expired properties (those which did not sell). Local, national and international trends and market conditions must also be evaluated.
By comparing similar properties in each of the three categories and the market conditions, appraisers, lenders and agents come very close to the maximum price that buyers would be willing to pay for a house.
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| Q |
What city boasts eight of the world's ten biggest hotels?
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| A |
Las Vegas has eight of the largest resort hotels; the latest and most extravagant is the $2.7 billion, 2,716-room Wynn Las Vegas. |
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