According to the definition of market value, both parties involved are expected to be:

The definition of market value is predicated on the concept of an idealized transaction where both the buyer and the seller have a comprehensive understanding of the property and the market conditions that affect it. When both parties are well informed, they have adequate access to relevant information regarding the property, including its attributes, comparable sales, current market trends, and any encumbrances that may affect value. This ensures that both parties are capable of making a rational and informed decision regarding the price.

The aspect of being well informed leads to a more accurate representation of value in the market because it reflects true supply and demand dynamics. A well-informed buyer can identify when a property is overvalued or undervalued, while a well-informed seller can set a price that reflects the true worth of the property based on current market conditions. This mutual understanding and knowledge are essential to achieve a fair market transaction that aligns with the concept of market value.

In contrast, lacking knowledge or being emotionally invested could lead to decisions clouded by bias or misrepresentation of value, making them less relevant to the clear definition of market value. Having a competitive mindset may not directly correlate with the essence of market value as it suggests a focus on outbidding rather than reaching a fair valuation based