The generally accepted opinion of market value as defined by the courts of Texas may be stated as follows:

“Market Value is the price which the property would bring when it is offered for sale by one who desires, but is not obliged to sell, and is bought by one who is under no necessity of buying it, taking into consideration all of the uses to which it is reasonably adaptable and for which it either is or in all reasonable probability will become available within the reasonable future.”

[City of Austin v. Cannizzo, 267 S.W.2d 808 (Tex. 1954)]

This definition of “market value” is based on both the buyer and seller being willing, but not obliged to buy or sell. While this is not always the situation in right of way transactions, the courts have stated that this must be assumed in making right of way appraisals. An appraisal made on any other assumption will not be correct.