Property Valuation
Economic obsolescence (external obsolescence) in a Wyoming property may be caused by:
AAn outdated floor plan
BA worn-out roof needing replacement
CDecline of a nearby oil and gas industry affecting local employment✓ Correct
DA bathroom that needs updating
Explanation
Economic obsolescence is caused by forces external to the property, such as changes in the surrounding area or economy. A decline in the oil and gas industry affecting local employment and demand for housing is a classic example of external obsolescence in Wyoming.
Related Wyoming Property Valuation Questions
- A Wyoming appraiser notes that property values in a Jackson Hole subdivision have been increasing 8% annually for the past three years. This is an example of:
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