Market value is the highest price that a willing buyer and seller agree upon. Fair market value is the price your home should sell for in the current market. Your home’s fair market value depends on a number of factors including, how it was built, its location, the condition it is in, the size of both the house and the property it sits on, as well as the price of other similar homes that have recently sold in your neighbourhood. The price you choose will also be determined by the tempo of the market, the public’s confidence in the current economy, and competition (listings) within your location and the Calgary market. Ultimately, the market will determine the value of your home.
