The principle of progression emphasizes the impact of what on property value?

The principle of progression highlights how the quality of the neighborhood influences the value of a property. This principle asserts that a home's value can increase when it is situated in a neighborhood with higher-quality or more desirable properties. Essentially, if a home is surrounded by upscale homes with good amenities and local services, it tends to be valued higher than it might be if it were located in a less desirable area. This dynamic illustrates the idea that real estate markets are not solely determined by individual property characteristics but are affected significantly by the surrounding environment and the general quality of the area. Recognizing the importance of neighborhood quality is essential for real estate professionals when advising clients or assessing property values.