I was thinking about how often market participants ask really fair questions—questions any reasonable person would ask—and then feel blindsided when the answer from an appraiser isn’t a clean yes/no.
“Will it appraise?”
“Can you just use this comp?”
“How much will the upgrades add?”
“Why isn’t it matching the list price?”
And the honest answer is often… it depends.
Not because we’re trying to be vague. But because appraisal answers are assignment-specific—they’re tied to a defined scope, a specific set of facts, and market evidence. A small detail can change the competitive set, the comps, the adjustments, and ultimately the conclusion.
Here’s what “it depends” usually means in plain English:
It depends on the assignment and the date.
Value isn’t a permanent number. The effective date matters. The intended use matters. The question has to be answered inside that framework.
It depends on what the market is actually paying for—not what we hope it’s worth.
Appraisers don’t create value; we’re translating buyer behavior into a supportable conclusion. If buyers in that segment aren’t paying extra for a feature at a certain price point, the data usually won’t support it either.
It depends on whether a comp is truly comparable.
“Close by” and “sold recently” are great starting points, but similarity is the real driver—condition, quality, functional utility, location influences, concessions, and what the property actually competes with.
It depends on the details that don’t show up in a quick glance.
Remodel quality, non-typical layouts, backing/traffic, view, solar terms, HOA restrictions, conversion of space, documentation/permits if available, and even what the neighborhood considers “standard.” Those things can move the needle.
If you’re an agent or builder and you want fewer surprises, here’s what helps the most:
Send the info that explains the property the way a buyer experiences it—upgrade list with dates, contract terms and concessions, documentation if available, and the “why” behind the price (multiple offers, scarcity, premium lot, etc.).
Most of the time, “it depends” isn’t the end of the conversation—it’s the beginning of the right conversation.
What’s a question you’ve asked (or been asked) in a deal where “it depends” would’ve been a helpful expectation setter upfront?