What is Fair Market Value?
Whether you are buying or selling in the second hand market it is important to always buy or sell things at Fair Market Value. Fair Market Value (FMV) is defined as the price of goods that is sold with a agreed upon price that both the buyer and seller view to be fair. FMV can and will fluctuate depending on what prospective buyers and sellers knowledge, demand, timeline, and how much the buyer is willing to pay for the good.
In today’s second hand market it is much easier to determine FMV then before the days of the internet. auctions, niche collectors groups, and antique stores determined the the FMV for everything on the second hand market. The internet giving us so much information it is not always correct and is time consuming to know the FMV for everything inside and out of your home. Also if you are looking to liquidate things quickly the FMV will change based on time to sell and if the correct buyer shows up.
Determining FMV in the estate sale world is very different than any other second hand market due to the time constraint of the sale. Some items will go above FMV because of the fierce competition that comes with a short sale and some will go below because the right buyer did not walk through the door.
Even with the internet giving us information it is extremely time consuming to know the FMV for everything inside and out of your home. Also if you are looking to liquidate things quickly the FMV will change based on time to sell and if the correct buyer shows up.
At Blue Moon FMV every second hand good we sell is catalogued and used for reference in future sales. Having complete understanding backed up by data and experience is what separates us from the competition and constantly exceeding expectations for both our clients and customers.