When an appraiser develops an opinion of value, this value is described as what?

When an appraiser develops an opinion of value, the value is best described as "a subjective estimate." This perspective recognizes that the appraisal process involves a degree of personal judgment based on various factors, including market conditions, property characteristics, and comparable sales data. An appraiser synthesizes these elements to arrive at a value that reflects their professional assessment, which inherently incorporates their expertise and interpretation of the data.

While the appraised value aims to be objective and anchored in data-driven analysis, it is ultimately influenced by the appraiser's individual perception and methodology. This subjective nature is crucial in distinguishing appraisal opinions from fixed or universally agreed-upon values. Thus, understanding this aspect of appraisal helps to appreciate the role of appraisers in the real estate market.