A homeâ€s market value is an estimate of the current price that a residence, along with other improvements and including the land/ lot it is situated on could be sold for in a specific real estate market. This is based on a variety of factors that do not necessarily reflect only the physical attributes of the dwelling but also includes factors such as the homeâ€s location, the current real estate market, and other external factors such as:
The desirability of the school district
The condition of the house
Scenic views and landscaping
Lot size and location
Economic factors