What is the term for the highest price a buyer is willing to pay and the lowest price a seller is willing to accept?

The correct term for the highest price a buyer is willing to pay and the lowest price a seller is willing to accept is "fair market value." This concept refers to a price that is agreed upon by both parties in a transaction, representing the true value of the property based on current market conditions and comparable sales. It is determined by supply and demand, as well as other economic factors in the area.

While market value is often used interchangeably with fair market value, it generally refers more broadly to the price that the property could sell for on the open market, without the specific negotiation dynamics between buyer and seller that are encompassed in the concept of fair market value. The asking price, on the other hand, is simply the price that the seller lists for the property, which may or may not reflect what the buyer is willing to pay. Finally, appraised value is determined by a professional appraiser, focusing on the property's characteristics and sales of comparable properties, rather than the subjective negotiations between the buyer and seller.