The value of anything is a function of its demand and its availability.
Also, value is determined by the price someone is willing to pay.
This is why redemption is such a highly prized commodity. Everyone would love a second chance in life but those are hard to come by. In fact, it was impossible to have a second chance until Jesus purchased it through the shedding of His blood upon the cross of Calvary. On that cross He bought back in blood what Adam had lost by his sinful rebellion against God.
Adam sold us out when he disobeyed God in Eden. God had created him especially to tend the garden and produce food to meet the needs of his family. When he allowed himself to be deceived by Satan he surrendered the power and authority given him by God. Jesus, born sinless and living without sin, He became the sacrifice for our sins to settle the debt for those sins.
Being redeemed means you have been bought back out of slavery and into God's glorious freedom. Through the shed blood of Jesus, the Lamb of God, God paid the price to ransom you from slavery to sin and death and hell. As the song declares, "He paid a debt He didn't owe to release you from a debt you couldn't pay".
When God redeemed you from slavery He didn't take you as a slave but He adopted you as a child! As a child of God you are a joint-heir of all the riches and all the authority that belonged to Jesus. So, redemption means you were set free - you were bought back from abject poverty and absolute slavery into glorious freedom as God's child! You have gone from having nothing to having everything!
"Redemption" is a term of endearment! Now you understand why?!