Commentary

Commentary is the written explanation an appraiser or broker provides to support the data and conclusions in a valuation report. Where the grid presents numbers, commentary explains the reasoning behind them.

Typical commentary may address neighborhood trends, the subject property’s condition and marketability, why particular comparables were selected, how adjustments were derived and factors not visible in the data alone, such as a functional layout issue or zoning change. Report forms and applicable guidelines may also specify information that must be addressed.

Reviewers often rely heavily on commentary when evaluating whether a report is credible and adequately supported. Numbers without explanation can raise questions, while clear, specific narrative helps demonstrate how the appraiser or broker reached the reported value. Thorough commentary can also reduce unnecessary revision requests by addressing potential questions before they arise.