The meaning of “market value” can be confusing. Many homeowners quickly pull out their last property tax assessment or their last refinance appraisal.
Real Estate Market value can be defined as the probable price that a property will sell for after allowing for a reasonable marketing time.
Market value is ultimately the price at which a buyer is willing to purchase it for and -the seller is willing to sell it for! Determining market value is a complex process.Many factors can influence the market value of a home such as location, condition and improvements.
This is important to know because with the invent of the Internet we are bombarded by web based valuation companies, such as Zillow and the Housevalues dot coms. The consumer is attracted to these sites because they believe that they can obtain the market value on their home without the need to contact a real estate agent.
In reality, a computer cannot determine home value. A computer cannot take into account the condition, upgrades, lot characteristics and exact location, all of which affects your home value.