Just in case there is confusion on Market Value v. Market Price-- Market value can and should be defined as the price at which both buyers and sellers are willing to enter into a contractual relationship, whereas the market price is the actual sale/purchase price of a property. If the market value is less than the market price, the seller is the winner in the real estate gameâ€”if the oppositeâ€”the buyer benefits more from the transaction. Both definitions incorporate a propertyâ€™s condition and primarily itâ€™s location as determined in a narrow window of 30-90 days time. In order to come up with a fair offer is to look at recently sold similar properties in the immediate area, then consider repairs--extensive or cosmetic--after reviewing all the data a determination can be made as to a fair offer. Looking at old records is always very interesting, however don't rely on historical data when trying to purchase.