What is the Fair Market Value in Real estate?
Updated: Aug 2, 2022
Fair market value (FMV) is simply the price at which a property would sell in the open market, it is the final offer between the buyer and seller, both fully acknowledged on why the property is priced the way it is.
FMV relation to the Appraisal report:
When buying or selling a property in Turkey, an appraisal report is required which is highly backed by the fair market value and other essential aspects of a property like location, condition, date, and services. The appraisal report is issued from the Tapu Committee or certified agencies, protecting buyers and sellers from property fraud and inaccurate pricing.
In other words, the FMV is a part of the appraisal report, not necessarily equal to it. The main point to understand is that they are two different reports but linked to one another.
What values determine the property’s Fair Market Value (FMV)?
1- The current market’s value: It is the value of the property in the current market, and this value is affected by factors such as supply and demand, the city, the neighborhood, residential sector, transportation...etc.
2- The value used for extracting the real estate tax: which is the minimum value of the property and is generally less than the market's value, and based on it, the real estate tax is calculated, subsequently, the Fair Market Value.
How to calculate your property's Fair Market Value (FMV)?
If we want to calculate the FMV of a house, we must be informed of the area and the FMV of at least three other properties in the same neighborhood.
Calculate a rough price per square foot of at least 3 comparable homes in your neighborhood then divide the price by their square footage. Then take that amount and multiply it by the number of square feet of your home.
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