Art or Science?

Is real estate appraisal an art or a science? It may not be as philosophical as the old question "does a tree make a sound when it falls in the forest?" but many appraisers are familiar with the art or science question.

I have routinely contended it is both, but not separately. Some may dismiss our opinions as just that and write off what we do as arbitrary and subject to mood. For others, nothing but pure statistics will suffice. The reality is that art and science must be blended and homogenized by experience. The more we know and understand about a particular market, the more we can utilize data and tangible factors to reconcile a supportable conclusion.