Experts say there are also many intricate details that buyers and sellers may not realise affect property values. Here are some of the lesser-known facts that determine property value.

Appraisers consider the square footage of the home, the number of bedrooms and the size of the lot when determining the value of the home. They will also take note of what other homes of similar size in your area are selling for. (These are known as comparables, i.e. comparable properties in your area).

However, there can be confusion about property values due to differences in county boundaries and area locations.

Michael Martirena, a top agent at Compass in Miami, says: I have a client selling a home and even though the square footage, number of beds and baths are the same, the house directly across the street cannot be considered a comparable property.

Why?

Martirena explains: Because the county line runs down the middle of the street.

Because of this invisible boundary, the assessed price of a home changes dramatically.

"Most buyers and sellers don't consider changes on a map when pricing," Martirena says. But in this case, each house is in a different school district.

Usually, the bigger the property, the bigger the square footage, right? Not always, experts say.

It's a matter of usable square footage or functional square footage, and evaluating which areas are wasted space, says Jeremy Kamm of the Coldwell Banker Warburg brokerage in New York City.

For example, attics, garages and unfinished basements are usually not included in the usable square footage. So while your home may have 2,000 square feet, the appraiser may only be able to value it at 1,750 square feet.

The appraiser will check the condition of the property and its overall maintenance. Bonus points will be given for newly installed amenities such as new bathrooms, new hardwood floors, a new garage, or a new roof.

Max Stokes, founder of the Fox & Stokes team at Compass in Bergen County, N.J., says, "The appraiser will score each part of the home based on how new or old it is, with a preference for recent updates." Your kitchen will get a score, as will your bathroom.

As a result, homes that have been recently renovated or newly built automatically receive a higher appraisal value.

New mechanical equipment and utilities also score high on the appraiser's list.

Energy-efficient upgrades can reduce utility bills and are attractive to buyers. For example, adding a smart thermostat can improve efficiency and increase property value.

Meanwhile, old and outdated wiring can affect the valuation because it means buyers may have trouble using the air conditioner, microwave and hair dryer.

While it's not something most buyers or sellers really consider, a property's climate resilience can affect its value.

Ivan Chorney, a broker with Compass in Miami, says, "We've been dealing with a lot of waterfront home sales lately, and I've found that a key factor for appraisers is the condition and age of the seawall." If the seawall is up to code, it adds great value to the property and can save time for people looking to build their own home.

Chorney added that countywide, protection from extreme weather is a key factor in assessing the value of a property. The better the protection of the natural environment, the higher the value.

Buyers and sellers should be aware of the differences between appraisers. Stokes, a valuer himself, says that as the valuation industry becomes more regulated, fewer people are working in it.

The result, Stokes says, is that appraisers registered in the state may be assigned to perform a property valuation in an area where they have no local knowledge.

In addition, inexperienced appraisers can seriously affect the overall value of a home.

The better your professional knows the comparables, the more accurate the valuation will be, says Stokes.

Therefore, if you think you're getting a biased valuation, you can challenge the numbers and ask for a revaluation.