Market Value is a critical concept in real estate that can significantly impact financial decisions, and perceptions of property worth. Understanding market value is important for both vendors and potential buyers. Let’s explore!
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What Is Market Value?
Market value is the price a property would likely sell for under current market conditions. Unlike assessed land value, which is recalculated periodically, market value is dynamic and influenced by various factors such as economic conditions, buyer demand and other external elements. When considering a property’s market value for the purpose of selling a property, factors including the below are considered;
- The size of the property
- The location
- The quality of improvements
- Zoning
- Recent sales in the area
- Pest and building inspections
Other considerations are unique features such as a view, historical significance or eco-friendly design.
External factors that can influence market value at any point in time include interest rates and the overall economic climate.
Maximising Value
As a vendor, working closely with a knowledgeable real estate agent will make a significant difference in your property journey and maximising your sale price.
Your agent has access to detailed market data, including recent sales, is able to assess comparable properties on the market, and provide their insights into market trends, which can help you make informed decisions.
At Percival Property, our experienced and record-price-setting agents understand the nuances of the property markets we work in and the importance of maximising your home or rural holding’s value. Our real estate agents work in Port Macquarie and surrounding communities, and rural areas extending north to Deep Creek, and west to Mount Seaview, capturing the Hastings and Camden Haven Valley to the south.
Specialists in their field, Percival Property’s real estate agents provide tailored advice to help you enhance your property’s appeal and increase its market value. Contact us if you want to learn more!