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While the market value represents a neutral, comprehensible assessment, the purchase price reflects the specific negotiating situation between this particular buyer and this particular seller.
Deviations often arise from emotional purchasing decisions, time pressure on the seller or buyer, unusual financing arrangements, or a particularly tight or relaxed market situation in the respective region.
In practice, realistic asking prices are often based on the market value, but the purchase price ultimately achieved can well deviate by 10 to 20 percent upward or downward without the appraisal report being flawed as a result.
The marketing period also plays a role: if a property is sold under time pressure, for example due to an impending move, the seller's negotiating position often falls below the objectively determined market value.
Conversely, several competing prospective buyers in sought-after locations can lead to a purchase price above the market value, without the underlying valuation being incorrect as a result.