How Can an Appraisal Be “Accurate” If It’s Just an Opinion?

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We’ve all heard it: “An appraisal is just an opinion.” And that’s true—to a point. But that phrase sometimes makes it sound like it’s a shot in the dark, like we’re flipping a coin and hoping it lands on market value. Or we throw a few sales on a grid, make some adjustments that feel good, and send it on the appraisal.

But as anyone who’s ever spent hours sifting through comps in Northeast Ohio’s patchwork of neighborhoods knows, there’s a big difference between a random opinion and a well-supported one.

So, what does accuracy really mean in the world of real estate appraising, where the appraised value is an opinion of value?

Let’s break it down.

Market Support Is the Real Measure of Accuracy

In the appraisal world, accuracy isn’t about hitting a magic number. It’s about whether the value is credible—whether it holds up when you take a closer look at the market data behind it. A credible opinion of value is worthy of belief based on the available data.

If an appraiser’s opinion is based on strong comparable sales, current trends, and recognized methodology—and if another competent appraiser could reasonably come to a similar conclusion—then the appraisal is considered accurate. Not because it’s “right,” but because it’s well supported. And if it’s well supported, it’s probably right!

Think of it like putting together a jigsaw puzzle. Everyone might start with a different corner, but the pieces only fit one way. A good appraiser assesses how the pieces fit together to create a comprehensive picture of a property’s market value.

Does Matching the Sale Price Mean It’s Accurate?

Not necessarily. It’s tempting to use the sale price as a litmus test: “Hey, the appraisal came in right at the contract price—must be good!” And sometimes, sure, it lines up. Frankly, many times it does. But buyers can overpay. Sellers can underprice. Motivation, concessions, and even emotion can all skew the final number. To simply state that market value is what someone is willing to pay for a property is overly simplistic and not entirely accurate.

So while sale price comparisons can offer insight, they’re not the gold standard. A sound appraisal might come in above or below the sale price—and still be accurate—if the data supports it.

What Happens When Two Appraisers Disagree?

Sometimes, two appraisers appraise the same property and arrive at different valuations. This is where accuracy gets interesting.

If one report uses better comparables, makes more appropriate or better-supported adjustments, and clearly explains the appraiser’s reasoning and methods used, it tends to carry more weight. It’s not about who got the “right” number—it’s about who built the stronger case.

In other words, the most credible opinion is usually the most accurate one.

The Role of USPAP (and Why It’s More Than Just Red Tape)

One of the best ways to gauge accuracy is to determine whether the appraisal meets USPAP standards. These are the ethical and procedural guidelines that appraisers follow, and they help ensure that our opinions aren’t just educated guesses, but carefully developed conclusions.

If an appraisal is sloppy, uses outdated or irrelevant data, or makes adjustments without support and explanation, it’s fair to question its accuracy, regardless of the final number.

When reading through an appraisal report, ask yourself these questions:

1. Did the appraiser clearly explain market conditions? Does the appraiser demonstrate knowledge of the local market?
2. Did the appraiser mention the methods they used to support their adjustments? If they said that they extracted the data from the market, that’s great, but what method(s) did they use to do so?
3. Did they explain how they supported their effective age, if one is provided?
4. Did they explain why they used the comparable sales they did? Are the sales they used for comparison purposes truly comparable? Are there sales that are more comparable that were not used?
5. Is the appraisal consistent throughout, leading to an opinion of value that is supported by the data?

Asking these questions may help determine whether an appraisal is credible.

In the End, It’s All About Credibility

So, yes, an appraisal is an opinion. But it’s not just an opinion.

It’s an opinion rooted in data, analysis, and professional judgment. When it’s done right, it’s not only accurate—it’s a valuable tool for buyers, sellers, lenders, and anyone who may need to rely on the appraisal.

And for those of us in the business, accuracy doesn’t mean guessing the number someone wants to see. It means delivering an opinion that stands up to scrutiny—and tells the story the market data is already writing.

Have a question about a past appraisal, or curious how values are trending in your Northeast Ohio neighborhood? Feel free to reach out—I’m always happy to talk shop.

SUMMIT COUNTY SINGLE-FAMILY STATS

Here are some fresh stats for single-family homes in Geauga County from last month. Here are the key points from the data below:

• The median sales price in May 2025 was $230,000.
• There is still only about two months (1.34 months according to the NAR’s RPR) of single-family inventory on the market, which is a shortage.
• Median list prices in May was $234,900.
• The median list price of new listings was $244,900.
• On average, selling a home in May 2025 took 9 days.

SOME THINGS TO MAKE YOU SMILE

If you’re into ping pong but want to make it more challenging, why not try this version?

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Here is a pretty good prank!

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LOCAL STUFF

I enjoyed some articles about the Greater Cleveland area. I like sharing these things with you and hope you enjoy them too. Just click on the article to be sent to that article.

Cleveland Metroparks’ Use of a Spotted Lanternfly Sniffing Dog Team Does the Trick – Cleveland Magazine

Major Downtown Development Update – Center For Cleveland

Cleveland Real Estate in 2025: A Market Ripe for Investment – Global Investments, Inc.

10 unique things to do around Cleveland this summer – Case Western Reserve University

MORE BLOGS I RECOMMEND

If you enjoyed my blog, you might also enjoy some of my friends’ and colleagues’ blogs! Click their links below to check them out!

APPRAISAL TODAY by Ann O’Rourke

Housing Notes by Jonathan Miller

Sacramento Appraisal Blog by Ryan Lundquist

Real Value Blog and Podcast by Blaine Feyen

The Analogue Blog by George Dell

The Appraiser Coach Blog by Dustin Harris

Birmingham Appraisal Blog by Tom Horn

Thanks for being here! I hope you found something in this post that was beneficial to you! I’m working on a new article of my own for next week. Stay tuned!

Have a great week!

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If you want to order a residential real property appraisal in Northeast Ohio, click here. I’d love to help you solve your value problem! I’ve been appraising properties in the following counties since 1998: Cuyahoga, Summit, Lake, Geauga, Portage, Medina, Lorain, and Stark.

* Some parts of this post were created using AI tools, with final edits, and opinions by me.