What is an important factor affecting the value of a property alongside its location?

Market demand is a critical factor influencing property value because it reflects the overall interest in purchasing real estate in a specific area at a given time. When demand for properties increases, often due to economic growth, an influx of new residents, or improved infrastructure, property values tend to rise accordingly. On the other hand, if there is low demand, perhaps due to economic downturns or oversupply, property values may decline.

In essence, market demand is driven by various factors such as economic conditions, interest rates, and buyer sentiment, making it a leading indicator of property value. While the condition of the property can certainly enhance or detract from its value, it does not have the broad market influence that demand does. The owner's personal finances primarily affect their ability to purchase but not the market value of the property itself. Finally, time of year can influence market activity but is generally not a fundamental determinant of value compared to overall demand.