I estimate the fair market value of a property by doing a Comparable Market Analysis (CMA). With this method, I can use the Multiple Listing Service (MLS) to locate the three (or more) homes that have sold in the last 2-3 months that are the most comparable to your home. Then they make adjustments for the ways in which your home is different from each of the others, and then average the adjusted values. The CMA adjustments are very subjective, and there is great variation between REALTORS® as to how much detail they include and the number and amount of the adjustments they make, so be sure to ask any prospective REALTOR® to explain their CMA in detail.
