I've been doing a ton of research on homes in the greater Boston area, and have come to understand that appraisers mostly base pricing on comps (i.e. sq footage, bedrooms, bathroom count) and not on build quality. It's no secret that the vast majority of new construction homes these days are built by speculative flippers or large tract builders like D.R. Horton. What I don't understand is how a high quality, 1930s colonial built by experienced craftsmen and can objectively last for 200-300 years, is priced the exact same as a millennial gray, OSB-sheathed, quartz counter-topped new construction of the same square footage that has an expiration date of ~50 years.
I've been looking at some new constructions and flips in my area, and I've noticed many of these getting relatively few views and sitting on the market. Whereas 1900s colonials with tons of character but priced roughly the same are getting 150+ saves on zillow. Is it possible that there's a shift occurring, where people are rejecting the "modern" home with cheap fixtures and LVP in favor of classic features like lath and plaster walls, tongue-and-groove diagonal plank sheathing and actual individual rooms instead of open concept monstrosities?
When will home appraisals start to consider build quality over pure sq footage and bedroom count?
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source https://www.reddit.com/r/RealEstate/comments/1v1pbq2/is_a_shift_in_home_appraisal_coming/
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