Which term refers to the estimated worth of a property based on current market conditions?

Market Value is the term that accurately refers to the estimated worth of a property based on current market conditions. It represents the price that a willing buyer would pay to a willing seller in an open and competitive market, assuming that both parties are knowledgeable about the relevant facts and that there is no undue pressure to sell or buy.

Understanding Market Value is crucial for real estate transactions, as it informs pricing strategies for sellers and offers made by buyers. It takes into account various factors, including the location, condition, and comparable sales in the area, which can fluctuate based on market trends. This concept helps establish a baseline for property valuation, aiding both buyers and sellers in understanding what the market will support.

Other terms, such as Highest and Best Use, refers to the most profitable legal use of a property, Appraised Value pertains to the value determined by a qualified appraiser, and Investment Value reflects the specific value of a property to a particular investor based on individual investment criteria, but they do not specifically encapsulate the concept of value based solely on current market conditions like Market Value does.