Market value in real estate refers to the estimated price at which a property would sell in an open market under normal conditions. It's based on factors like:
Comparable sales: Recent sales prices of similar properties in the same neighborhood.
Property condition: The overall condition of the property, including any necessary repairs or updates.
Location: The desirability of the property's location, such as proximity to amenities, schools, and transportation.
Market trends: Current trends in the local real estate market, including supply and demand.
Market value is often used to determine a property's fair value for various purposes, such as:
Buying or selling a property: Knowing the market value can help you negotiate a fair price.
Property tax assessment: The assessed value of a property is often based on its market value.
Insurance purposes: The market value of a property can help determine the amount of insurance coverage needed.
It's important to note that market value can fluctuate over time due to changes in market conditions or the property itself.
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Market value means the value of property that a real estate refers to the estimated price.
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