• Market Value: The price your property would likely sell for in the current market, based on buyer demand and comparable properties.
• Assessed Value: A value determined by the local government for tax purposes, often lower than market value, as it may not reflect current market conditions.

You should consider getting your property valued:

• Annually for tax purposes or financial planning.
• Before selling to set a competitive asking price.
• Before refinancing or applying for a home equity loan.
• During major life events, such as inheritance or divorce settlements.

Key factors include:

• Location: Access to schools, transportation, and amenities.
• Property Size: Total square footage and usable space.
• Condition and Age: Modern, well-maintained properties have higher value.
• Features and Upgrades: Pools, updated kitchens, and energy-efficient systems.
• Market Conditions: Economic trends, interest rates, and housing demand.

Property value is typically determined using a combination of:

• Comparable Sales (Comps): Recent sale prices of similar properties in your area.
• Property Characteristics: Size, layout, condition, and upgrades.
• Market Trends: Supply and demand in your local real estate market.
• External Factors: Neighborhood quality, proximity to amenities, and economic conditions.

Your property’s worth, or market value, is determined by various factors, including its location, size, condition, features, and recent sale prices of similar properties in the area. To get an accurate estimate, you can use online valuation tools, consult a real estate agent, or hire a professional appraiser.