Georgia Appraiser Certification Practice Exam

External obsolescence refers to a decrease in a property's value due to external factors that are not within the control of the property owner. These factors may include things like changes in the neighborhood, economic downturns, environmental issues, or proximity to undesirable features (e.g., power lines, factories, or train tracks).

When considering the impact of external obsolescence, it is clear that it directly affects the overall marketability of the property. A decrease in desirability due to these external factors can lead to challenges in selling the property, resulting in lower offers or prolonged time on the market. Buyers are often deterred by negative external influences, which decreases demand and can significantly impact the market value of the property.

While the property's appearance and mortgage may also be influenced by external factors, they are not the primary aspects affected by external obsolescence. The overall marketability encompasses a broader view that includes buyer perception, property demand, and pricing strategies, making it the most accurate choice regarding the impact of external obsolescence.