How do you determine market value now?

[Tod R.]

I'm assuming market value equals sales price. I keep hearing how you can buy property 50-60% under market, but I can't help but think that they are comparing to pre crash prices. Maybe the lower priced homes haven't fallen as much to the higher priced ones. Given the more restrictive appraisal guidelines, flood of foreclosures and other distressed sales, and tougher financing available, it seems that when we talk market value, it should be what similar product is selling today, not last year.