8. “Market Value is the same as sale price”
Market value is an estimate of the price a property would likely attract in a rational and competitive market place. Sale price is the actual figure a property is sold for. As an example someone sells a property for $500,000 (sale price) when near identical properties have been valued between $490,000 and $510,000 (market value) in the same area.
The reason for a disparity between a valuation and sale price could result from human factors relating to the sale. A buyer may feel a personal connection with a property and happily pay above market value, or alternatively, a buyer may have personal circumstances which compel them to sell quickly and accept an offer below market value.