fair market value vs listing price charleston (comparable sales, sales)

[brin6217]

Could someone please tell me how FMV compares to listing price in the Charleston area? Also do most houses not have basements? I noticed that some say the master bedroom is downstairs. Is this what is usually the basement area? I'm from Wisconsin and it's pretty unusual here not to have a basement or to have a master bedroom in the basement. (sorry for ignorance) A few more things...What does FROG refer to in listing ads and could anyone comment on the West Ashley inside the mark area.
Thank you!

[pokrplr]

MB down stairs means just that, its on the main floor (Not in a dark cave below the house). Lack of basements is because Charleston is below sea level. And FROG means > One of three: Finished Room Over Garage, OR, Family Room Over Garage, OR, Fun Room Offlimit Girls AKA: Man Cave ... Its all the same, IMO

[YNOTNOW]

When you compare listing prices to fair market value, it's apples to oranges. Don't let anyone convince you otherwise.

[brin6217]

I think my hubby would like a FROG then. lol
Could anyone elaborate on the relationship between FMV and listing price? I see many that are listed well above FMV, how can I judge the value if they are not related? Your property taxes are fabulous though I must say ,compared to mine! Thank you!

[DJShymansky]

The quick and short answer is that it varies from neighborhood to neighborhood, even in West Ashley inside the Mark Clark.

[rubber_factory]

Originally Posted by brin6217

Could anyone elaborate on the relationship between FMV and listing price?

there is no relationship between FMV and listing price.

Sometimes Real estate salespeople will use a number - i.e. "homes are selling at 96% of list price" - but this is misleading and not very useful. It only considers the final list price of the home before it sold.

I see many that are listed well above FMV, how can I judge the value if they are not related?

I'm scratching my head at this one. If you are "unable to judge the value", how do you know that the homes are listed "well above FMV" ?

People can list according to whatever fantasy helps them sleep at night. However, fair market value can only be determined when the seller finds a buyer, and the two can agree on a price in an arm's length transaction, where both parties are "knowledgeable, willing, and unpressured."

Personally, when I try to estimate the current value of something, I look at comparable sales within the last month or two. Estimating the future value of something is much more difficult and subjective.

[brin6217]

Hi, my understanding is FMV is used for tax purposes. What the assessment is -the appraisal. (sorry if I mis-spoke and thanks for your reply.

[JimmyCh]

You don't have to worry about FMV if you are buying one. If it is more than you pay for a house, it should be adjusted down. Although SC has some weird property law governing your home property tax!

As for home sellers, if you home is not moving, you are asking too much! Lower the price if want to sell . FHA, Fannie, and Freddie is under pressure again! Watch out!

[moneill]

If you are a SERIOUS buyer and like a house -- make an offer. Part of the problem today is that most of the 'lookers' aren't serious buyers...they are just looking.....

[moneill]

JimmyCH -- I would agree with you in most market conditions....but we've lowered and lowered and lowered. Our agent has found a common phrase from the other agents "these people wont' make a decision"..... There are few, very few, SERIOUS -- buyers out there. That combined with the biggest inventory anyone has seen ever....and you get the drift.