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The eyesore next door devalues your property

…External obsolescence has become more of an issue recently because of the influx of foreclosures, among other reasons, says Jonathan Miller, CEO of New York-based real estate appraisal and consulting firm Miller Samuel.

“From a visual standpoint, (a nearby foreclosure) impacts your value because in a soft market, your property is competing with many other properties,” Miller says. “You have a disadvantage. Your property takes longer to sell and may not get the price that you want or what you think it would be worth if that neighbor wasn’t there.”…

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#Housing analyst, #realestate, #appraiser, podcaster/blogger, non-economist, Miller Samuel CEO, family man, maker of snow and lobster fisherman (order varies)
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