What does the term "market price" imply?

The term "market price" implies the price that the market is currently willing to pay for a property. This concept reflects the dynamic nature of real estate, where the value can fluctuate based on demand, supply, and other market conditions. Market price is not fixed and can change based on various factors such as economic trends, neighborhood desirability, and competing listings.

While the listed price on a real estate ad represents an asking price, it does not necessarily reflect the actual price agreed upon or what buyers are willing to pay. The value assigned by an appraiser offers an estimation based on various parameters and market data; however, it doesn't take into account the unique circumstances of a specific sale. The agreed price between buyer and seller denotes a specific transaction agreement but does not encompass the broader market dynamics at play. Thus, the market price is ultimately determined by buyer willingness and seller expectations in the current economic landscape.