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Home
value sometimes referred to as "Value in Use", is best described
as the probable price at which a home trades in a free,
competitive, and open market and is synonymous with the market
value.
 Market
Value:
Market value is the highest price in terms of money, that the
property will bring to a willing seller if exposed for sale on
the open market; allowing a reasonable time to find a willing
buyer, buying with the knowledge of all the uses to which it is
adapted and for which it can be legally used, and with neither
buyer or seller acting under necessity, compulsion nor peculiar
and special circumstances.
Subjective value/objective:
Subjective value exists in the minds of the potential buyers and
seller. Subjective value is the price that people are willing to
pay for a property, irrespective of its cost, as differentiated
from objective value in which the value is associated with the
cost of production or cost of creating the property.
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