Market value is what an informed buyer will pay for your home now. It is not the tax value and not an online estimate.
Why online estimates miss
Automated estimates can't see your renovated kitchen, your wet basement or the busy road behind the fence. In neighborhoods with few recent sales, they can be off by a wide margin.
Why tax value differs
Orange, Durham and Chatham counties reappraise on their own schedules. Tax values can sit well above or below the market.
What actually drives value
- Recent closed sales of similar homes nearby
- Current competition — what a buyer can choose instead
- Condition and updates
- Lot, location and layout
- Interest rates and the number of active buyers