If it's all good land, it's factored in (as in bad).
You are looking at two properties. One has TWICE as much land as the other.
There are a bunch of ways of looking at it.
1. You will pay more in taxes (though land is generally taxed lower)
2. Can that land be subdivided off and a home built, leaving you with the .25 acres (like the other house), If so, the land has value to a builder.
3. Do you ever want to expand your home, you have more land and maybe no need for vairances.
4. It depends on all the other homes in the area (the comps)
5. Maybe you wan to add a pool, swingset, patio - more land, the merrier.
IS it hilly, flat, treed etc etc.