Home valuation is the process of determining the current market value of a residential property. This assessment considers various factors, including the property's location, size, condition, and recent sales of similar homes in the area. Professionals, such as real estate agents or appraisers, often conduct these evaluations to provide an accurate estimate. Accurate home valuation is essential for various reasons, including buying or selling a home, refinancing a mortgage, or assessing property taxes. Understanding the value helps homeowners make informed decisions and ensures fair transactions in the real estate market.