What is the final step for developing a single estimate of market value after adjusting comparable prices?

The final step in developing a single estimate of market value after adjusting comparable prices is the reconciliation process. This stage involves synthesizing all the gathered data and different valuations derived from the adjusted comparables into one cohesive estimate of value.

During reconciliation, an appraiser evaluates the various indicators of value, including the price adjustments made based on different characteristics of the comparables, and decides on a final value that is most representative of the property in question. This step is essential because it ensures that the estimate reflects the market conditions and the specific characteristics of the subject property.

The other options all play roles in the valuation process but occur either earlier in the sequence or pertain to specific analytical techniques rather than summarizing the entirety of the valuation approach. Gathering data and investigating happen initially to inform the valuation. Identifying the highest and best use is a crucial assessment that informs the value analysis but is not the final step. Weighted substitution is a method of valuation but does not represent the concluding step in the process. Thus, reconciliation is the key to arriving at a single, final estimate of market value after making necessary adjustments.