RECONCILIATION
Once the Sales Comparison, Cost, and/or Income Approaches to value have been completed, the indication of
value by each must be reconciled to a final opinion of value. A thorough review of each of the approaches is
made in order to ensure accuracy and consistency. If the results from one particular approach appear to be at a
great divergence from the other(s), then each phase of this approach should be reconsidered to account for the
difference.
The final opinion of value is not an average of the approaches employed. Instead, greater weight is generally
given to one of the approaches over the other(s) based on the quantity and quality of the available data and the
relevance of the approach to the appraisal assignment. Relevance is impacted by the intended use of the
appraisal, the subject property type, and the actions of market participants for similar properties. After giving
full consideration to each approach, the appraiser uses judgment and reasoning to arrive at a final opinion of
value.
The final opinion of value should not be reported in odd dollars and cents as that would imply a level of
precision not generally supported by market data. Instead, the opinion of value should be rounded.