The market value of a property is what someone is willing to pay for it at the time of sale. Any other valuation, including real estate agent appraisals and professional valuations are merely a ‘best-informed’ estimate.
When appraising the market value of a property, a real estate professional will typically draw upon their local knowledge of recent local sales trends, their knowledge of buyer behaviour in the area and their firsthand conversations with actual buyers currently active in the local market. However, even the best-informed valuer can only draw on the past performances of the real estate market.