Which aspect of a property can significantly affect its appraised value?

The significant impact of location on a property's appraised value is well established in real estate. Location encompasses several factors, including proximity to amenities (such as schools, shopping, parks), the quality of the neighborhood, and local demand for housing. An area that is highly desirable due to good schools, low crime rates, and access to public transportation can substantially increase property values, while less desirable locations may have lower appraisals.

Although factors like the size of the property and even some aspects of its interior—such as the type of flooring—can influence appraisal values, they typically do not carry the same weight as location. The owner's occupation is generally unrelated to the appraisal process, as an appraiser focuses on objective criteria rather than individual characteristics of the owner. Thus, it is the location that serves as a cornerstone in determining a property's best market value.