Humber/Ontario Real Estate Course 1 Exam Practice

In determining market value for a property, factors that directly influence its worth in the real estate market are taken into account. Recent sales of comparable properties provide a baseline for pricing based on what buyers have recently paid for similar homes in the area. Unique features and upgrades can enhance the appeal of a property, allowing it to command a higher price if they contribute significantly to its desirability. The economic outlook of the area is also crucial, as it can affect buyer confidence and demand, impacting property values. On the other hand, personal memories of the seller do not play a role in the market value assessment of a property. Market value is based on objective data and trends rather than subjective feelings or associations that a seller may have with the property. Hence, this personal emotional aspect is not a recognized or relevant factor in establishing a property's market value.