Current Market Value
- 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.
- The dollar amount required to repurchase or rebuild a home or building, minus depreciation from wear and tear or other causes.
today's worth, current assessment
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 (ast, AV) — 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 process of finding the worth of an asset or business.
- The estimation of a property's price value through an appraisal.