Market Value

What is market value?

The market value represents the estimated price that a property or asset would sell for in a competitive and open market, reflecting what a willing buyer would pay and a willing seller would accept.

Is the selling price the same thing as the market value? 

While market price and selling price often align, they can diverge based on various factors. This is why you sometimes see items being sold ‘below’ or ‘above’ market price. 

For example, someone may need to sell their home urgently due to financial hardship. In this example, they may be willing to accept a selling price below the market value of their home in order to secure a quick sale.

What can affect the market value of a property? 

The market price of a property can be influenced by several factors including: The property’s location The property's condition The property’s features Economic factors