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The land will definitely increase the appraisal. As James noted, lots of .47 acres are selling for over $500k. And neighborhoods with large lots tend to keep and increase their value more in the long run because people will improve and add on to the houses rather than move. As Orange County gets built out, more people will look for older houses with large lots to tear down and replace the house or remodel the house completely. You can always add on to the house if you have land, but you can't add more land.... more