By accounting for variations between a subject property and comparable properties in the sale prices of those properties, the sales comparison approach calculates the market value of a subject property.
The price at which an asset might trade in a competitive auction situation is referred to as market value or OMV (Open Market Valuation).
Despite the fact that these phrases have different meanings under various standards and can have variations in some situations, market value is frequently used interchangeably with open market value, fair value, and fair market value.
Fair value and market value are different in that the former depends on the persons involved while the latter does not.
The present version of IVS, for instance, states that fair value "needs the assessment of the price that is fair between two specific parties taking into account the various advantages or disadvantages that each will obtain from the transaction.
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