Market value, also called fair market value, is the cash price that a willing buyer and a willing seller would agree upon, given reasonable exposure of the property to the marketplace, full information as to the potential uses of the property, and where neither party is under abnormal pressure to conclude the transaction. Market value is at the heart of nearly all real estate transactions. Market analysis is what the broker or agent prepares in order to tell you what your house might sell for. The market analysis takes into consideration specifics about your home, such as age and condition, as well as specifics about the neighborhood, such as how much money comparable houses in the neighborhood have recently sold for. It is not an appraisal. An appraisal is performed by the appraiser and determines the value of the property recognized by the establishing mortgage company. For more information on market value and analysis, contact a real estate professional.
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