Which of the following is the most important factor in determining a property's value?

Market value is determined by what willing, informed buyers and sellers would agree to in an arm's-length transaction. The main inputs are: (1) supply and demand in the local market, (2) comparable sales of similar properties (the 'sales comparison approach'), (3) the property's specific physical characteristics (size, condition, features, location), and (4) economic forces (interest rates, employment, demographic trends). The seller's asking price is just an offer; it has no inherent relationship to actual value. What the seller paid is sunk cost, irrelevant to today's value. A buyer's emotional attachment may make them pay more, but does not change market value generally. Appraisers use three approaches — sales comparison, cost, and income — depending on property type.