What would likely decrease a property's market value due to external obsolescence?

External obsolescence refers to a loss in property value due to factors outside the property itself and typically relates to environmental or neighborhood issues that negatively impact desirability. The presence of a nearby landfill would likely lead to decreased market value for a property because it can generate unpleasant odors, traffic, noise, and potential environmental concerns, all of which detract from the living experience. Buyers would generally find such a location less appealing, leading to lower demand and, consequently, a decrease in the property's market value.

In contrast, upgrades to kitchen appliances would be considered internal improvements that enhance the property's appeal, and new construction in the local area could either add value through increased demand or help modernize the community. Increased demand in the housing market typically drives property values up rather than down, as buyers are often willing to pay more for desirable properties in a strong market.