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What Is Market Value?
Market value is the number that actually drives real estate decisions, but it is often confused with tax assessments, online estimates, and appraised values. Here is what market value really means.
Video coming soon
The key takeaways are below in the meantime.
Written by Bri Bond-Erwin
Key Takeaways
- Market value is the price a willing buyer and willing seller would agree on in a transaction, without undue pressure on either side
- Market value is determined by what comparable homes have actually sold for, not what sellers are asking or what websites estimate
- A home's market value is not the same as its assessed value for tax purposes, though appraised value often comes close
- Market conditions affect value: the same home may command a higher price in a seller's market than in a buyer's market
- The most reliable way to understand a home's market value is through a CMA prepared by a local agent with MLS access
- Market value is always a range, not a single precise number. Pricing strategy for sellers happens within that range
Transcript will be available when the video is recorded.
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