The influence of external factors on property value. » Mortgage Masters Group

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Property values rising – what we have seen – Kluger, Kaplan, Silverman, Katzen & Levine, P.L. All property information is presented subject to errors, omissions, price changes, changed property conditions, and withdrawal of the property from the market, without notice.

[1] opined that the factors affecting residential property values are not inherent in the commodity, good, or service to which it is scribed but created in the minds of the individuals who make up the market. The institute also noted that the relationships that create value are complex, and values change when factors that influence value change.

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External Factors Almost every appraiser in the country uses Fannie Mae’s Uniform Residential Appraisal Report, a set of standards that determine the scope of an appraiser’s inspection. When using the URAR, the appraiser is obligated to inspect the home’s fixed qualities, such as its structure, age and location.

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Another of the major factors that affect property value. When the economy’s good, wages and compensation increase and the buying power of consumers becomes strong. If this is the case, there’ll be more people who’ll want to own or invest in a second home or a new one entirely.

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