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The highest price that a buyer, willing but not compelled to buy, would pay, and the lowest a seller, willing but not compelled to sell, would accept. Price that probably would be negotiated between a willing seller and willing buyer in a reasonable time. Price at which property would change hands between a buyer and a seller without any compulsion to buy or sell, and both having reasonable knowledge of the relevant facts.
The price that property will sell for as between one who wants to purchase and one who wants to sell; in the absence of a ready market and a market price, a constructive value determined upon an appropriate basis selected by the court.
This price in estimation is usually arrived at with respect to real property by comparable sales in the area.
