In real estate, what is the term for the maximum amount a buyer is willing to offer?

The term that accurately describes the maximum amount a buyer is willing to offer is "market value." Market value represents the highest price that a buyer is prepared to pay for a property based on current market conditions, comparable sales, and the property's attributes. It reflects the buyer’s perception of value at a given time, influenced by factors such as location, property condition, and recent sales in the area.

Although a "purchase offer" refers to the specific bid made by the buyer, it does not necessarily encompass the entirety of what they might be willing to pay—especially if negotiations occur. The "sale price" refers to the final agreed amount after negotiations, while the "asking price" is the initial price set by the seller, which may not reflect what a buyer is actually willing to offer. Thus, "market value" clearly captures the concept of the maximum figure a buyer feels justified in paying.