using excel 2016. making a property summary sheet. i need to know how to calculate the formula for a fmv

I already have an avg. price of (10) vacant lots. I determine the sqft. for each lot. I am using excel 2016. With the info I gathered how do I calculate the FMV in excel? so if I use another spread sheet the formula is still calculating? help?
In Selling Property - Asked by Renee B. - Oct 25, 2016
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Ken J.
Corporate Investor
Canton Township, MI

Assuming that you think the fmv is a per square foot price based on the average on the 10 vacant lots you can try this. In cells A1-A10 put the price of each lot, in cells B1-B10 put the sq foot of each lot. In cell A11 put: = sum(A1:A10) then in cell B11 put =sum(B1:B10). Now calculate the average cost per sf. In cell A12 put =A11/B11
Okay so with the basic calculations complete now you just need to set up a formula so you can put in the square footage of a target lot.
In cell A13 type "Target Lot SF". Then put a border on cell A14.
In cell A14 type "Estimated FMV".
In cell A15 type =A12/A13
Copying and pasting is more complicated.

Oct 26, 2016
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Drew R.
Austin, TX

I'm assuming by FMV, you mean Fair Market Value? If so, keep in mind that FMV takes in consideration of any adjustments made to pricing (location, access, financing terms, zoning, etc.) , so you would first need to calculate the adjusted value of each lot.
Assuming you've already made the adjustments, and that all lots are of reasonable comparable size, then you could just divide the prices by square footage to come up with an average price per square foot and then apply that figure to the square footage of the lot for which you are attempting to determine FMV.

Oct 26, 2016
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