After using all three appraisal approaches, what process is utilized to arrive at a single estimate of value?

In the appraisal process, after applying the cost approach, sales comparison approach, and income approach, reconciliation or correlation is utilized to arrive at a single estimate of value. This step is crucial as it involves assessing the results from the different methods to determine the most accurate and credible value for the property in question.

Reconciliation requires the appraiser to evaluate the findings from each approach, considering the strengths and weaknesses of each method, and how they apply to the specific property being assessed. This process allows the appraiser to weigh each method's relevance based on the property type, market conditions, and the purpose of the appraisal.

Ultimately, the goal is to synthesize the information gathered to provide a final estimation of value that reflects the most reliable assessment, ensuring that the value is well-supported by the different methodologies applied during the appraisal.