Fair Market Value = How to sell your property for the best price, in the shortest amount of time with the most favorable terms and conditions.

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FACTORS AFFECTING VALUE

>  Supply & Demand

>  Seasonal Markets

>  Mortgage Market

>  Economic Conditions

>  Political Actions

>  Location, Location, Location

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METHODS OF EVALUATION

Market Value Approach  |  Using comparables sales

Income Approach  |  Used primarily for income properties

Cost Approach  |  Used primarily for insurance and replacement value purposes

Market value approach is the highest value, estimated in terms of money, which a property will bring if exposed for sale in the open market, allowing a reasonable time to find a willing purchaser in current market conditions.