As beloved as The Simpsons family is in pop culture, The Simpsons house is even more treasured as the setting of hilarious antics, pranks, and catastrophes — and as the birthplace of countless pop culture references.
So, how much would 742 Evergreen Terrace be worth in today’s real estate market? And what property characteristics stick out to an appraiser during their analysis? Keep reading and let’s explore the value of The Simpsons family home.
(Any shockingly accurate predictions? We bet The Simpsons writers had some!)
Estimated Opinion of Value: 742 Evergreen Terrace
Based on property data research and an analysis of comparable properties in its now-confirmed city of Springfield, Oregon, our appraiser estimates the value of 742 Evergreen Terrace to be $400,000. Aye caramba! Is that more or less than what you were thinking?
Appraiser Insight: “The overall median price in the Springfield (Oregon) school district is $600,000. However, because the decor of the subject property is outdated (which we we’ll address later), this is a loss in value, or a form of depreciation that can be classified as a physical or functional obsolescence, depending on the cost to cure.”
Appraising 742 Evergreen Terrace
Let’s back up a bit. How exactly did our appraiser arrive at this figure? Let’s peek at the appraisal method. With loads of property data available to research, this appraisal proved less tricky than our previous hobbit hole assignment.
First, Confirm the Appraisal Background
With any real property appraisal assignment, an appraiser should first answer a few questions related to the Uniform Standards of Professional Appraisal Practice (USPAP).
What’s the problem that needs to be solved?
Who is the client for this assignment?
What is the intended use of the appraisal?
Who are the intended users of the appraisal?
These details are important contextual information appraisers need to define before diving into valuation. Appraisers learn all this in appraisal Qualifying Education.
For The Simpsons house appraisal, let’s imagine that Homer and Marge are applying for a home equity loan to help fund Maggie’s dream college.
(Yes, in this scenario, she grows up!)
A desktop appraisal was ordered by The Simpsons’ lender, and the appraiser got to work.
Next, Research Public Property Records
Typically, real estate appraisers start the appraisal process by gathering property data from public sources, the Multiple Listing Service (MLS), and real estate databases. Appraisers log property characteristics like square footage, lot size, location, sales history, home features, and more.
Fictional Springfield, of course, doesn’t have public property records. So, for this assignment, our appraiser consulted these resources:
Appraiser Insight: “Appraisers must gather information from many sources and then deem what is credible for the assignment. If possible, a phone call to the property owners could confirm conflicting property information.”
(If only we could get Homer or Marge on the phone!)
Then, Conduct a Property Inspection
Next, an appraiser typically performs a property inspection, which is different than a home inspection. During an appraiser’s property inspection, they observe and document a home’s features, assess its condition, and note any unusual factors that may add or reduce value. Things like spray-painted walls may come into account here (we’re looking at you, Bart).
To get an in-depth look at the property, our appraiser inspected The Simpsons home using this 3D virtual tour. (Give it a spin. It’s fun!)
Finally, Use the Sales Comparison Approach
Since the property is an owner-occupied single-family home, the ideal appraisal method is the sales comparison approach.
With this method, appraisers examine “comps,” or comparable properties, sold in the subject property’s direct neighborhood that are similar in size, style, and features. They analyze these properties to better understand the characteristics and market reaction to those characteristics in terms of value.
Our appraiser could, for example, compare 742 Evergreen Terrace to:
Appraiser Insight: “The replica of 742 Evergreen Terrace isn’t the best comparable because it’s located outside of the subject property’s state (Nevada). However, the sale of the Nevada property reflects the overall market reaction to dated decor, which needs analysis in the subject property’s direct market.”
Property Characteristics That Could Add Value
Every real property appraisal is an estimated opinion of value, and each appraiser must analyze what features affect property market value whether positively or negatively. The Simpsons home, of course, has its share of unique perks.
Spacious Architectural Layout
At approximately 2,200 square feet, The Simpsons home's two-story layout includes four bedrooms, 2.5 bathrooms, a spacious kitchen, a sitting room, a dining room, a living room, a laundry room, and an attached garage. It’s a family-friendly home in a mostly quiet neighborhood that’s functional and offers room to grow.
Rumpus Room and Sauna
Often alluded to, though rarely seen in the show, the home also features a rumpus room and a secret sauna. Depending on homebuyer demand and similar features in comparable nearby properties, both additions may add a small percentage to the overall value.
Nearby Amenities
Springfield has no shortage of amenities for its residents, and studies show that certain neighborhood factors can improve home values. Living in Springfield, there are a laundry list of perks to enjoy including its own:
Schools
Hospital
Mall
Airport
Natural gorge
Minor league baseball stadium
Springfield Museum of Natural History
Springfield Wax Museum
Springfield National Forest
(Among so many others!)
Property Characteristics That Could Subtract Value
But not every house feature adds value. The Simpsons house indeed has a few notable drawbacks. And not every house on the block has dealt with shenanigans like theirs.
Worsening Property Condition
Between Bart’s pranks, Homer’s infamous shortcuts on maintenance, and numerous catastrophes, the house has likely accumulated significant wear and tear. It seems like wherever the bunch goes, chaos (or at least a chaotic mess) ensues.
Outdated Interior
Time has stood still for The Simpsons over the last 36 years. While the 1990s nostalgic aesthetic might appeal to some, outdated kitchens, bathrooms, and décor styles could lessen value. Going from dark green carpets and pink walls to “Millennial Grey” is an aesthetic whiplash if we’ve ever seen one!
Proximity to a Nuclear Power Plant
Living near energy facilities — like the Springfield Nuclear Power Plant (three-eyed fish included) — could potentially reduce the value of a home. This is the case, particularly, when there is a safety risk involved.
This is also why examining comparables in the subject’s direct neighborhood is so important. Was Ned Flanders’ pristine, recently sold home devalued because of its proximity to the power plant? That’s an excellent question an appraiser would explore.
What About Bart’s Treehouse?
One home feature that likely wouldn’t be considered during a real property appraisal: Bart’s treehouse. That is, unless we're talking about Marge’s custom-built version — complete with automatic blinds, furnishings, and air conditioning.
Appraiser Insight: “An appraiser’s first question here would be: Is the tree house deemed a property improvement? And secondly: Is it attached? Was there a building permit required? Could it be considered personal property?”
These are just a few questions among many that appraisers aim to answer when determining market reactions to house features and, ultimately, develop estimated opinions of property value.
Learn More About a Career in Appraisal With The CE Shop
Does property analysis sound like it’s up your alley? Do you have a passion for real estate and diving into the data? A career in real property appraisal might be for you! Learn more about a rewarding career in appraisal by visiting our Appraisal Essentials blog. Or check out our appraisal qualifying education, USPAP, and CE courses in your state.
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