What represents the price a typical buyer would pay for a property placed on the market for sale?

Market value represents the price a typical buyer would pay for a property placed on the market for sale because it reflects the price that would be agreed upon in a competitive and open market under normal conditions. This concept is essential in real estate as it takes into account the current market trends, the property’s features, and the level of demand and supply in the market. Market value is determined by considering what similar properties have sold for recently, making it a practical measure that buyers and sellers use to evaluate property price expectations.

In contrast, investment value refers to the value of a property to a specific investor based on their unique circumstances and investment goals, which may not align with what the market would dictate. Fair value usually involves a legal or accounting framework where the value is determined based on a specific set of criteria rather than typical market conditions. Strategic value speaks to how a particular property fits within a larger investment strategy and is often subjective, differing from one investor to another. Therefore, market value is the most accurate choice for describing the price that a typical buyer would expect to pay under standard market conditions.