What Is Market Value?

Estimating the market value of a property is usually the goal of an appraisal.

There are numerous technical definitions of the term market value, but in layman’s terms, Market Value is usually defined as the most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale. It is assumed that the buyer and seller are typically motivated, well informed or well advised and each acting in their own best interest.

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