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Faizan
Fair market value is the price at which property changes hands between an interested buyer and interested seller, neither of whom is participating out of desperation with both parties having knowledge of the relevant facts. Fair market value is vitally important in allowing a free market economy to work in a sustainable manner. Determining the fair market value of an item that you wish to buy or sell is not difficult once you understand the finer points of the process.
Locate and identify the places that are selling the item in question using e-commerce sites such as Ebay and Amazon. Find the item in question and make note of the price that it is selling for in each instance.
Find the suggested retail price of the item in question on consumer appraisal sites such as Consumer Reports. Make note of the item's suggested retail price and whether or not it specifies that the suggested retail price fluctuates with the condition of the item.
Appraise the item yourself to determine its age and condition by taking note of any flaws in its outward appearance. Rate its functionality on a scale of one to ten, ten being flawless.
Contact an expert in the field of the item in question and request an appraisal. Provide your analysis of the item from the previous step to the expert.
Collect the figures obtained in steps one, two and four and add them together. Derive an average value by dividing the sum by the total number of values that you obtained.
Locate and identify the places that are selling the item in question using e-commerce sites such as Ebay and Amazon. Find the item in question and make note of the price that it is selling for in each instance.
Find the suggested retail price of the item in question on consumer appraisal sites such as Consumer Reports. Make note of the item's suggested retail price and whether or not it specifies that the suggested retail price fluctuates with the condition of the item.
Appraise the item yourself to determine its age and condition by taking note of any flaws in its outward appearance. Rate its functionality on a scale of one to ten, ten being flawless.
Contact an expert in the field of the item in question and request an appraisal. Provide your analysis of the item from the previous step to the expert.
Collect the figures obtained in steps one, two and four and add them together. Derive an average value by dividing the sum by the total number of values that you obtained.
