What is a Loan Estimate?

Market value is the amount of money that a property would be sold for on the open market. This is determined by an appraiser based on its condition and comparable properties that have recently sold. Note that market value may not match the purchase price. Factors that affect market value on a home include: The house's age Location Square footage The number of beds and bathrooms Special features like a garage or pool What several comparable homes, or ``comps,'' have sold for recently In a hot housing market where homes receive multiple offers and sell quickly, you may be willing to pay more to keep up with or outbid the competition. More resources 10 factors that impact your home property value What does comparable sale or comp mean in real estate? A complete guide to what an appraisal is and the home appraisal process. Read more

What is a purchase contract in real estate? Learn how this binding agreement between buyer and seller works, what it includes, and why state laws matter. Read more

What does comparable sale mean in real estate? Discover how comps play a key role in home valuations and why they matter when buying or selling property. Read more