Estimating Renovation Effort for 1920s REH

Now you are being stubborn.

“The market value is determined by the price that, at the time to which the assessment relates, would be achieved in ordinary business transactions according to the legal conditions and actual characteristics, the other nature and the location of the property or the other object of the valuation without regard to unusual or personal circumstances.”

“Market value is to be understood as the price that is to be achieved at the time of the valuation based on a private law contract concerning buildings or land between a willing seller and a buyer not connected to him by personal relationships under the conditions that the property was openly offered on the market, that market conditions do not hinder a proper sale and that a negotiation period appropriate to the significance of the object is available.”

It is definitely not the same.
If you want to stick to your car example:
Market value is the value according to Schwacke, market value is exactly the price achieved in the actual sale.

Here again a thank you for the further contributions including the contributions explaining the definitions of terms :)

If you don't want the charm of a hundred-year-old house, then keep looking. At the same time, check if you are really the type of terrace house resident. Even red wine stains come out easier than lazy compromises.

In fact, we didn't look at this house because of its charm. Rather, we saw it as a good compromise between various factors. The creaking of the floorboards does not bother us in principle, even if it might have come across differently in the post. It's more about the unevenness. Or do you think that is also part of the charm and for people who don't want that, rather an indication that an old building is generally not really an option? We would be grateful for any possibly personal experiences.

It is definitely not the same.

Now you are being stubborn.

Must be due to my HypZert experience ;-)

The definition of market value is stated in the law. Period.
A universally valid definition of market value does not exist. According to TEGoVA: "the estimated amount for which a property should exchange at the valuation date between a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion," according to the EU directive: "Market value is understood to be the price that, at the time of valuation, can be obtained under a private law contract concerning buildings or land between a willing seller and a buyer not personally connected to him, under the conditions that the property was openly offered on the market, that the market conditions do not prevent a proper sale, and that a negotiation period appropriate to the importance of the object is available." The IVSC definition is almost identical.

All definitions say the same thing. No difference. Even appraisers make no distinction.

And now from the stubborn mule, a nice read from HypZert. As a smart aleck, I would like to have the last word ;) :
In Germany, the so-called Verkehrswert (or also: Marktwert) according to §194 Baugesetzbuch is regarded as an objective, comprehensible and verifiable value. This is, according to the legislator’s understanding, to be determined as of the valuation date taking into account all legal and factual characteristics, the location as well as other features of the property. The basis of the traffic value determination must be the normal business transactions and the expert must not allow personal or unusual circumstances to affect the property value. These requirements ensure that the Verkehrswert according to § 194 Baugesetzbuch represents a value concept that is valid towards third parties. Also with regard to international markets, the “market value” is the prevailing value term, among others according to definitions of the International Valuation Standards Council (IVSC), the European Group of Valuers’ Associations (TEGoVA) and the Royal Institution of Chartered Surveyors (RICS). Substantive deviations from the Verkehrswert according to § 194 Baugesetzbuch largely do not exist, since the term market value has also been implemented in German legislation (cf. § 16 PfandBG, valuation guidelines). The real estate value as so-called “Zeitwert” is therefore characterized for any third party by the following features:

[*]Reference to the valuation date;
[*]Transaction in normal business traffic;
[*]Consideration of legal and factual circumstances, the other features and location of the property;
[*]Exclusion of unusual and personal circumstances.

As you can see, there is no difference.

The creaking of the floorboards is basically not disturbing, even if it might have come across that way in the post. It’s more about the unevenness. Or do you think that is also part of the charm and for people who don’t want that it’s rather an indication that an old building generally isn’t really an option?

Yes. Due to its construction, you will never get a wooden beam ceiling perfectly straight like it left the sawmill a hundred years ago. If the structural integrity allows it, you can level it until everything is perfectly horizontal. But then you risk buildup heights that will hit your feet at the stair exit and reduce the room height. You will never walk on a hundred-year-old wooden beam ceiling completely without creaking and the clinking of wine glasses. If that bothers you, you have to look elsewhere: even if lifted and bleach-blond dyed, a hundred-year-old house will never be wrinkle-free seventeen again. I strongly recommend the Loriot sketch with the crookedly hanging picture.

Thank you very much for the honest words. Sincerely meant. That helps a lot in questioning one's own assumptions :)

when questioning one's own ideas

... the main point should be to find out what one "ideally" is looking for. Those who start focusing on compromises will soon only find compromises. Combined with the willingness to push financial limits, the desperate then drive up the prices for compromises (in the best case: until the market no longer even sees the good properties).