What is Fair Market Value?

If you’re buying or selling a home, the concept of fair market value is important. Each home, even if it were built identically to its neighbors, is unique. Variables such as physical condition, improvements or damages, location and overall desirability can each affect the perceived value of any property.

According to Smartasset.com, fair market value is the price a property would sell for in an open and competitive market where the buyer and seller each have adequate information of relevant facts. Buyers and sellers must act in their own interests and not be compelled by outside forces. They must agree to the price without coercion as well as give each other a reasonable time period to complete the transaction.

So how do buyers and sellers agree to fair market values? Since there’s no exact figure to begin with, most people rely on a lender’s appraisal of a given property. The appraisal utilizes information from tax records, recently recorded sales of properties, and comparable homes for sale as provided by the local real estate multiple listing service. Your Berkshire Hathaway HomeServices Showcase Properties REALTOR® can also provide you with a comparable market analysis of homes similar to yours based on recent closed sales, pending sales and current listing prices.

Keep in mind that these professionals are providing you with an educated starting point. You won’t know the true fair market value of your home until it’s offered on the open market and you reach an agreement with a willing buyer or seller.

Ways to Show Love to Your Home

When you love something you want to protect it, improve it, and enjoy it. Your home responds to love, too. Here are a few ways to show your home love that will love you back.  

Refresh caulking – Discolored shriveled caulk has stopped doing the job of protecting your bathroom and kitchen from dirt, mildew and mold. According to TheGroutMedic.com, you should completely dig out old caulk, apply an anti-mold treatment, then recaulk with a %100 silicone-based caulk that resists shrinking over time. The freshly caulked joints will be watertight and look fresher, cleaner, and more attractive.

Update smoke-carbon monoxide detectors. ConsumerReports.org explains that newer smoke detectors can be interconnected so that when one detects smoke or carbon monoxide, all the detectors in the house will alert. Fires burn differently, so install a variety of detectors. Ionization detectors are best for identifying fast, flaming fires, while photoelectric detectors are preferable to alert to smoky, smoldering fires. Carbon monoxide detectors may need to be purchased separately.

Polish floors. To get a long-lasting shine on your hard-surface floors, you can rent or buy a floor polisher. The advantage, says Unclutterer.com, is that polishers are more efficient and less labor-intensive than manual cleaning methods, and don’t require in-depth knowledge of apply wax or polish to the floor. Afterward, you’ll find cleaning much easier and it will add to the lifespan of your floors.

These easy do-it-yourself projects will help you finish out the cold winter months and welcome spring to your home.

Easy Home Security

Home security experts agree on one thing – intruders look for homes that appear easiest to break into and escape from quickly. The more obstacles you place in their way, the more likely they are to skip over your home and move on to someone else’s. Try these three tips to make your new home safer.

Lights! – Nothing says nobody’s home like a dark house. This is where landscape lighting is a useful deterrent. Don’t give intruders any places in your yard to hide, so be sure to install lights on trees. Make your lights come on at dusk and light up entries front and back. Motion detectors work well, too. If you’re away from the house, attach timed devices to one or two lamps that periodically turn on and off.

Cameras! – Cameras placed around the perimeter of your home should be visible from the street so that anyone cruising by can see them. You may have noticed on the Internet that cameras are also useful in crime-solving as well as prevention, so security cameras protect your neighbors, too.  

Actions! - A security system is expensive, but it’s a good idea, especially when you put the provider’s sign prominently in your front yard. A vigilant barking dog, regardless of its size can hear and smell intruders before they enter your home. Install prickly bushes under windows and keep them trimmed.

Remember, locks on doors and windows may not be enough. Multiple and highly visible obstacles are much more effective to deter intruders.

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