You need to know – What is market value?

YouNeedToKnowWeb500Market value can be defined as the most likely price that a property will sell for

Market value is based upon 5 key assumptions:

  1. The property has been on the market for a reasonable time
  2. Buyers and sellers are acting in their best interests and well informed
  3. The buyer and the seller are not under duress
  4. The seller is able to convey marketable title
  5. Payment can be made in cash or cash equivalent

Market value is not necessarily the same as the price at which a transaction is concluded

Market value is the most common value that an appraiser is asked to provide an opinion on