Which factors can influence property valuation?

Property valuation is influenced by a variety of interconnected factors that provide a comprehensive view of both the property's worth and the broader market dynamics at play. The correct choice identifies three critical elements: market trends, location, and recent sale prices of comparable properties.

Market trends give insight into the current economic conditions and buyer sentiment, which can greatly affect how much people are willing to pay for a property. Understanding whether it's a seller's or buyer's market can help in assessing the appropriate valuation.

Location is fundamental in real estate as it affects everything from the desirability of the neighborhood to accessibility to amenities. Properties in high-demand areas generally command higher prices than those in less sought-after locales.

Recent sale prices of comparable properties, often referred to as "comps," serve as a direct benchmark for valuation. They provide empirical evidence of what buyers are paying in the same area for similar properties, allowing for a more accurate and justified appraisal of value.

While the other options include some relevant elements, they are not comprehensive. For example, focusing solely on property age or condition overlooks significant factors like market conditions or location that greatly influence a property's value in the current landscape.