10/12/2026
Real Estate Words Explained - Market Value: What is your home actually worth? It's not necessarily the number you have in your head. Market value is what a willing buyer and a willing seller are prepared to accept.
Notice what's not in that definition: what you paid, what you spent on the kitchen floor, or what your neighbour says his house is worth. Buyers compare your home to what's available and what similar properties have actually sold for, based on condition, location, size and features. That's why spending $50,000 doesn't automatically add $50,000 to the value of your house.
Your memories might be priceless. Unfortunately, buyers don't pay extra for those. Real estate gets easier when you know the words.