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What is Market Value for your Home
The market value for a home is what the market will bear. This means it is worth what the market values it to be worth. The market value is not what you have into it. It is not what you need out of it and it is not what it is appraised for. It's also not what your neighbor's house sold for or what the tax office says it's worth. It's not what it's insured for or what you bought it for, and it is not based on the price of your next home.
The true market value of your home is based on today's market conditions, today's competition, today's financing options, today's interest rates, buyers confidence, location, property condition, and days on market.
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