What is a market value estimate?

A market value estimate is defined as an opinion of what a property would sell for under normal conditions. This means it reflects the price that a knowledgeable buyer would be willing to pay and that a willing seller would accept in an open and competitive market where both parties are acting in their own best interests. This estimate takes into account various factors, including the property's location, condition, and market trends, as well as any external influences affecting real estate values.

In contrast, the other options do not accurately represent the concept of market value. A guaranteed sale price implies a price that is fixed or assured, which does not account for market conditions or negotiation. The price set by the government may reflect a tax assessment or a regulatory figure, but it does not necessarily reflect the actual market conditions influencing buyer and seller behavior. Lastly, the minimum price accepted by a seller does not take into account the potential market dynamics or what buyers are actually willing to pay; it simply indicates the lowest price a seller will accept without considering external market pressures.