Importance of location
I have always heard the importance of location when appraising a house. I found a big, beautiful house for sale and felt it was overpriced because of the location and a few others things. My agent disagreed.
The house is on a busy two lane road, but sits back about 75 feet from the road so it is not noisy. The house is 10 years old and most of the other houses within a mile are 50-100 years old. Most of the other houses are appraised at 25% the cost of the one I am looking at. A few houses are higher, but none at more than 50% of the house. The house is also right next door to a popular local restaurant.
Similar houses (size, features, land) are selling in the same price range in high-end developments in the general area. Those houses are brick. This one is vinyl. The other houses with walkout basements all have decks. This house does not.
The agent felt the location and other negatives would not matter because of the quality of the house. Does that make sense? It seems to me the houses in the developments should be higher.