From an appraisal standpoint, what are the driving factors for home price in the Indy market? Obviously location plays a large roll, but aside from that, comparing two houses on the same block what moves the needle most here in Indy?
@Dave E. location is certainly one factor but there's much more that goes into an appraisal...square footage, room count, lot size, busy street versus residential street, the condition of the property, owner occupied versus tenant occupied versus vacant, rental rate and, of course, comps. As for comps, all the above factor into comps so a hypothetical 3 bed / 2 bath house that is a rental and in average condition with a 12 year old roof isn't comparable to the similar 3/2 next door that was majorly rehabbed as a flip and sold at a high value as an owner occupied unit.
@Ric Ernst thanks for the response. I get all of that. I guess what I’m trying to get at is more market specific. Appraisers evaluate things slightly different in different markets. In some markets square footage is king. In other markets adding an extra bedroom may be most important. Is there anything specific to Indy when making improvements to a property where you get your most bang for your buck from an appraisal perspective?