Market value is the major focus of most real property appraisals. Usually included in the definition is the price that a typically motivated buyer will give a typically motivated seller, as of a specified date, allowing for a reasonable exposure time in the market. It should be noted that the sale price of a property is not necessarily its market value. An extreme example would be the sale of property to a family member for $1.00. Also, sales of several similar homes may be a better indicator of market value than the price paid for a specific, neighboring property.
Distressed sales (due to personal circumstances) or excessively overpriced homes with extended marketing time may also be suspect as market sales.