Across the Fence is an appraisal technique used when evaluating property in condemnation situations, estimating the property's value based on the use of adjacent land.
Fair market value (FMV) is a critical concept in real estate, representing the estimated price at which a property would sell in the open market under normal circumstances. It is commonly used in property tax assessments, sales valuations, and condemnation proceedings.
Market price is the actual price paid in a market transaction for an asset, in contrast to the market value. It reflects the monetary amount a buyer is willing to pay and a seller is willing to accept under normal market conditions.
A marketability study is an analysis conducted for a specific client to determine the likely sales of a specific type of real estate product. It seeks to establish the market price and rate of sales for a particular product without considering its financial feasibility or profitability.
