What Is Market Value?

The market value of a property or home is the price that a buyer is willing to pay and what the seller is willing to accept.  Real estate agents are trained to pinpoint a home’s market value by looking at a variety of characteristics, including the following:    

External characteristics: Curb appeal exterior condition of the home, lot size, home style, availability of public utilities.

Internal characteristics: Size and number of rooms, construction and appliance quality and condition, heating systems, and energy efficiency.

Comps, or comparables: What similar homes in the same area have sold for recently.

Supply and demand: The number of buyers and the number of sellers in your area.

Location: How desirable is the neighborhood? Are the schools good? Is the crime rate low?