Recent closed sales of comparable homes set the value, the same approach a residential appraiser uses. We pull recent closed sales of similar homes and let them set the range. Appraisers can reach back up to 180 days, we prefer comps that closed within the last 90, and in a fast-moving market we lean on the most recent 30 to 45 days, because stale comps stop reflecting what buyers are actually paying. Fair market value has a real definition: the price a willing buyer and willing seller agree to in an open market with full information. With every listing on the MLS and syndicated to Zillow and Redfin, the market is about as transparent as it has ever been, so a well-marketed home rarely hides a discount. If a home sold, that sale was the market's read on value at that moment, even if it looks different a year or two later. Two situations get harder: - Unique or rural properties. With few nearby sales, you widen the search radius and the time window, then adjust for differences in lot size, square footage, and condition. - Leaning on the appraisal. An appraisal coming in at your price does not prove value on its own. Appraisers analyze data against fixed rules, so without competing bids, you and your agent have to read the recent trend yourselves. The most reliable way to buy below market is to take on a home that needs work and do the work, rather than paying full freight for a finished, move-in-ready one.