What Market Trends Affect A Property Appraisal?

What Market Trends Affect A Property Appraisal?

Property owners and buyers need to know what market trends affect their appraisals. We read the words “market trends” without really understanding what they imply. However, its analysis by Flagler County property appraisal professionals is a large part of what determines the price of a property. What are these trends?

Location

There’s a reason “location, location, location” is a keyword in property sales. Ease of access (not crossing traffic to pull into the drive,) proximity to a neighborhood pool or clubhouse, and the size of the lot (land increases in value) are desirable facets of a property. Nearby grocery stores, shopping, libraries, churches, schools, and entertainment are also factors in a good property appraisal.

House Features

The house containing an extra room in which a home office or a home gym can be established is a winner. A home containing smart home features, security systems, space to build an in-law apartment, as well as an open floor plan, and upgraded kitchens and bathrooms generally get a better appraisal than a home that contains little or none of these features.

Energy Efficiency

No buyer wants a house that leaks like a sieve. They’re already spending money on a house, so they’re not going to spend any more on upgrading the doors and windows. Nor will they buy Energy Star appliances to save more money on their power bill. These are vital factors in a Flagler County property appraisal.

Square Footage

The trend in outdoor living spaces was begun to give homeowners extra usable square footage. Homeowners finishing their basements and attics add usable square footage to their homes. This gives buyers more space and, in some instances, more storage. As an aside, homeowners adding shelving units and overhead storage in their garages add to the desirability of their house.

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