Joseph Farnett

Farnett Real Estate

8346 Route 11
Cicero , NY 13039


Cell: 315-427-3215   
Phone: 315-427-3215 
Fax: 315-505-6699

Housing Trends

November 2018

View archives

Messages

Many people confuse the terms value,price and cost when it pertains to real estate. The simple way to understand follows: 

MARKET VALUE : an opinion made by a professional, typically it's the amount or price a property will bring in a normal transaction with no concessions, both parties acting in their own best interest at arms length with no distress. 

PRICE : a fact, what a ready willing and able buyer will pay and seller will accept. If an appraiser gives a market value of $90K and the property sells for $85K it doesn't change the value of $90K. Someone got a $90K property for $85K. 

COST : The amount to build a fact. Therefore value, price and cost are not the same thing. Value and price will not always equal cost. Depending on the market conditions, property could sell for more or less than cost. 

Joseph Farnett is an expert in the real estate business. We can provide residential appraisals whether the need is to settle an estate or valuation before buying or selling property. Brokers Price Opinions (BPOs) are also available if a full appraisal isn't necessary. NYS certified since 1965. Trust experience, trust Joe! 

Home Ownership matters…to people, to communities, and to America. Why? • For every two homes sold, one job is created in the U.S. • Each purchase generates as much as $60,000 in economic activity over time. more...

Buying is now cheaper than renting in 74 percent of the nation’s largest cities. Low home prices and “rock-bottom” interest rates as well as tax advantages of homeownership are the reasons why it’s now cheaper to BUY a 2-bdrm home than to rent one. Check out this CNN Money article with the details. more...

Disclaimer:

The content, including any links contained within this Message Section, are the sole responsibility of the real estate professional or entity providing you this eNewsletter. The views, opinions, statements and/or ideas expressed in this Message Section are only those of such real estate professional or entity and do not reflect the ideas, policy, position, views or opinion of Move, Inc.