When most people think about the factors that impact their home's value, they might consider the size of the house, the location, and the age of the property. While these are all important factors, there is one detail that is surprisingly ignored and can have a significant impact on your home's value: the condition of the property.

For many years, the condition of a property has been a key factor in determining its value. Appraisers have long used terms like "excellent," "very good," "good," "average," "fair," and "poor" to describe the condition of a property in their reports. However, in recent years, there has been a shift in the market, causing buyers to increasingly ignore the condition of a property when determining its value.

This shift can be largely attributed to the recent housing shortage and record-low interest rates, which have created an "auction" type of atmosphere, driving up home prices and creating a price competition between multiple buyers. As a result, many buyers are no longer concerned with the condition of a property and are willing to pay the same amount for a well-maintained house as they would for a rehab, or for a house that needs a lot of work as they would for a well-maintained house.

This has caused many sellers to neglect the condition of their property, figuring they can sell it for a good price regardless. However, times are changing, and buyers are becoming less distressed and more discerning. Waiving home inspections is a thing of the past, and sellers who have neglected their properties are finding that their homes are selling for less than they expected.

When an appraiser evaluates a property, they take into account many factors, including the condition of the property. They will use specific ratings to describe the condition, such as C1, C2, C3, C4, C5, and C6. Over the last few years, the market reaction to the difference in condition has been increasingly $0, because of the high demand for properties and the low inventory.

However, the market is starting to shift, and buyers are no longer willing to pay rehabbed sale prices for a house that is not in rehabbed condition. The number of days it takes to sell a house is steadily increasing, and even the median sale prices for some Long Island neighborhoods are at the lowest they have been in over a year.

If you're a homeowner looking to sell your property, it's important to take the condition of your home into account. Don't neglect necessary repairs and maintenance, as they can significantly impact your home's value. Work with a certified residential real estate appraiser to ensure that your property is accurately valued and that you get the best price for your investment. By keeping your property in good condition, you can maximize its value and attract potential buyers who are willing to pay top dollar.