Definition of market price? Market Price

Definition of market price? Market Price
      The most likely estimated value that a property could fetch in an open, competitive market subject to fair market conditions, where both the buyer and seller act skillfully and with knowledge of the market condition, and assuming the price is not affected by unusual financing conditions.
The definition is based on:
(1) The seller and buyer are excited to complete the deal.
(2) Both parties are familiar with the market and act in their own interests.
(3) The property has been on the market for an appropriate period.
(4) Payment in cash or equivalent regular means of financing.
(5) The price is not affected by unusual financing conditions offered by one of the parties to the deal.