What is the value placed on a property to estimate how much it is likely to sell for called?

The value placed on a property to estimate how much it is likely to sell for is referred to as estimated market value. This assessment reflects the price that a buyer is willing to pay and a seller is willing to accept for the property in a competitive real estate market, taking into account factors such as location, condition, and recent sales of comparable properties.

Estimated market value is essential for various real estate transactions, as it helps buyers and sellers navigate the market effectively by providing a realistic expectation of the property's worth. It is also an important figure for agents and appraisers when determining the listing price for a property.

Assessed value represents the value determined by local government for tax purposes, which may not accurately reflect current market conditions. Insurance value pertains to the amount required to cover the property in case of loss or damage, often based on rebuilding costs rather than market trends. Condemnation value comes into play when the government takes private property for public use, and it typically reflects the value established for legal purposes rather than a straightforward sale context. Understanding the distinction among these concepts is important for navigating property transactions accurately.