Fair market value
What an item fetches resold, derived from the retail figure.
Estate mode prices to fair market value — what the item would actually fetch resold — rather than what it would cost to replace new. Those are very different numbers, and using the wrong one misleads a client badly.
Where the figure comes from
Fair market value is derived from the retail figure rather than researched separately. The pricing engine establishes what the item costs to buy now, from listings that are currently offered for sale, and a category-specific reduction brings that to what the item would realistically fetch resold — furniture, electronics and apparel each come down by different amounts. The retail figure keeps its dated source link, so the basis for the number stays visible.
Adjusting it
The value cell is fully editable — you will often know a local market better than any comp set does. You can also re-price from the item panel after sharpening the description, and the valuation comes back on the same basis.
Sale price
A separate column records what an item actually sold for. The totals bar shows realized proceeds against the fair market estimate with the variance, which is the number a client asks about first.