What factors influence the valuation of residential property?

The valuation of residential property is significantly influenced by a variety of key factors. Location is paramount; properties in desirable areas often command higher prices due to their proximity to amenities, schools, and employment centers. The size of the property also plays an important role, as larger homes typically have higher market values.

Additionally, the age and condition of the property are critical, as newer properties or well-maintained homes tend to be more attractive to buyers, leading to higher valuations. Comparable sales, or "comps," provide insight into the market by showing what similar properties have sold for recently, which helps assessors gauge an appropriate value based on current market conditions.

The other options suggest limited factors, which do not fully capture the comprehensive nature of residential property valuation. Valuing a property solely on location and size overlooks significant aspects like condition and market trends, while focusing only on age and condition neglects geographic influences and comparative market analysis. The current owner's income is also not a direct factor in assessing a property's market value, as property valuation is based on the property itself rather than the financial circumstances of the owner.