Conditions Influence Market Value PDF Print E-mail

Many factors will affect the price of a property. The true definition of "market value" is the highest price a property will likely bring in a competitive and open market- where you have an informed buyer and seller, rational and prudent behaviour by those individuals and no undue pressure on either party. This means the price your property should sell for, provided it is up for sale for a reasonable length of time and is given proper exposure, promotion and professional service.

Realtors use the process "Comparative Market Analysis", incorporating both statistics and a knowledge of local sales, to determine a reasoned opinion of value for resale pricing. General factors- such as lot size, building materials, construction quality and maintenance are also considered- as well as the current local market conditions and the seller's reason for wanting to sell. Based on the information and recommendation provided by their Realtor, a seller can confidently determine an asking price for their property.

Current global social, economic and political factors can influence local property values. A good Realtor keeps tabs on trends in family size, changes in service/industrial sectors and stock market inclinations that may alter demands for property. A well-informed Realtor will keep you up-to-date on the ever-changing resale market.

The comments contained on this site are for information purposes only and do not constitute legal advice.

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