What term describes the sum of all factors that affect property value?

The term that describes the sum of all factors that affect property value is known as situs. Situs refers to the site's location and its unique attributes, which influence the desirability of a property. This can include factors such as proximity to schools, parks, shopping centers, and public transportation, as well as the neighborhood's overall reputation and condition. The concept encompasses not only physical characteristics but also economic and social aspects that make a location more or less desirable, subsequently affecting the property values in that area.

While market value relates to the price a property would likely sell for in a competitive and open market, and appraisal refers to the process of determining that value through various methods, these terms do not capture the broader context and influence of location that situs encompasses. Equity typically describes the ownership interest in property after subtracting any liabilities, making it distinct from the factors influencing property value. Thus, situs accurately encapsulates the comprehensive factors impacting property value.