Current Market Value

Definition

  • The dollar amount required to repurchase or rebuild a home or building, minus depreciation from wear and tear or other causes.
  • Current or Fair market value is the present day worth of property if sold under current economic conditions. This amount is generally determined by recent sale prices of similar properties within the same area.

Synonyms
current assessment, today's worth

Acronyms
CMV

Related Terms and Acronyms

  • Appraisal Definition,
    • An estimate of the market value of a piece of real estate made by a competent professional who knows local real estate prices and markets.
  • Appreciation Definition,
    • An increase in the value of a property or item.
  • Assessed Value (AV, ast) Acronym & Abbreviation,
    • A municipal or provincial government's determination of a property's worth for tax purposes.
  • Aviation Easement Definition,
    • An agreement that grants the right to fly airplanes over property, even if the practice causes damage, inconvenience, or loss of property value. Such an agreement usually restricts the property owner from building or growing anything over a specified height.
  • Comparables Definition,
    • Refers to "comparable properties," which are used for comparative purposes in the appraisal process.
  • Depreciation Definition,
    • The gradual loss of value of a building or other property because of age or natural wear.
  • Estimated Current Market Value (ECMV)Acronym,
    • Extended Replacement Cost Definition,
      • A replacement cost for an asset that exceeds that of the actual cash value of the asset.
    • Fair Market Value (FMV) Acronym, Very Important,
      • The highest price that a buyer would pay for a property and the lowest price a seller is willing to accept.
    • Full Market Value Definition,
      • In reference to property taxes, usually refers to the tax rate applied to 100 percent of the property's value. Also full cash value.
    • Low Ball Offer Definition,
      • A way-below-market bid a buyer makes on a property or item.
    • Median Price Definition,
      • In a given area, the amount paid for a house in which half of the houses in that area sell for less and half sell for more.
    • Overall Liquidity Ratio Definition,
      • A method of determining how easily and quickly a company can sell off assets to pay off its debts.
    • Principle of Conformity Definition,
      • The notion that a house will fetch a fair price if it is situated among houses of similar size, style and condition.
    • Principle of Progression Definition,
      • The notion that a smaller house's value will be enhanced if it is near larger, fancier houses.
    • Principle of Regression Definition,
      • The notion that the value of a larger or fancier house will be reduced if it is near smaller, lower-priced houses.
    • Property Value Definition,
      • The worth of a piece of real estate, based on the price a buyer and seller would negotiate.
    • Resale Value Definition,
      • The sales price that would be negotiated by a willing seller and buyer for an existing home or property.
    • Seller's Market Definition,
      • Due to either low supply or high demand, the seller can expect to sell quickly with a high sale price.
    • Tear-down Condition Definition,
      • A house that is bought so it can be razed to make room for a newer house; usually located in a spectacular setting.
    • Upside-down Definition,
      • A position that consumers find themselves in when the outstanding balance of a loan is higher than the current fair market value of the property purchased with the loan. See also "Depreciation."
    • Valuation Definition,
      • The estimation of a property's price value through an appraisal.
      • The process of finding the worth of an asset or business.
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