Market Value defined in Real Estate 2023. Today I’m going to talk a little bit about the term market value and how that pertains to your home search or selling a home. What is market value? Market value is a term used to describe what a property is worth. It’s determined by factors such as the local economy, the value of similar properties in the same area, and price fluctuations in the housing market. Market value is the amount a willing buyer would pay and a willing seller would accept for a specific property, but it’s not always as simple as you think. So what determines market value specifically in real estate? Firstly, location. Market values are determined by the location of a property taking into consideration factors such as the urban versus suburban divide, the quality of local schools, proximity to local amenities, crime rates, community guidelines, and other location-based factors like personal commute times. Another thing that impacts market value is recent sales. Recent sales of similar homes in the same area will indicate the likelihood of getting a specific price for a property. So if you are thinking about listing your property, you should definitely take a look at other properties in the area that may have recently sold. Next, Supply and demand. The number of buyers looking to purchase in any specific area will affect the property’s market value. Lots of buyers with few homes drives the property values up. But if there’s lots of local competition, a number of similar properties listed for sale at the same time, will play a significant role in determining that value. Interest rates, – interest rates affect the market value as buyers are impacted by their ability to get approved for a mortgage and also by the affordability of that mortgage. So this works similarly to supply and demand and can fluctuate throughout the year. It’s always a good idea to keep an eye on current rates and where the market is going, as well as having an understanding of whether the asking price is appropriate. I’m Amanda Bolwell a real estate professional with HomesAnyTime.com at INI Realty. If you are considering buying or selling a property call this number and one of our team members will be happy to help you. 

Market Value defined in Real Estate 2023. Today I’m going to talk a little bit about the term market value and how that pertains to your home search or selling a home. What is market value? Market value is a term used to describe what a property is worth. It’s determined by factors such as the local economy, the value of similar properties in the same area, and price fluctuations in the housing market. Market value is the amount a willing buyer would pay and a willing seller would accept for a specific property, but it’s not always as simple as you think. So what determines market value specifically in real estate? Firstly, location