In real estate appraisal, a narrative appraisal is a comprehensive written report that explains in detail the factual data, analysis, and appraisal methods used to determine a property’s value. It presents the appraiser’s reasoning and conclusions in a descriptive, narrative format rather than in a standardized form.
A narrative appraisal typically includes information about the property, market conditions, highest and best use, and the valuation approaches applied. Because of its depth and flexibility, this type of appraisal is often used for complex or high value properties where a thorough explanation of the appraiser’s value conclusions is required.
