When the income approach is used to value real property, appraisers forecast anticipated cash flows from the property and discount those cash flows to arrive at a present value. To do this, appraisers must determine an appropriate rate for discounting the future cash flows. Market value is usually defined as the price between a willing buyer and a willing seller. Appraisers therefore should study the market for the type of properties involved to determine the discount rates used by buyers and sellers of those properties in actual transactions.