How to Determine your Land Value?
Many Land owners have experienced the roller coaster ride and have seen their property values go up and down. For those land owners that held on to the roller coaster and now find themselves at the bottom are looking to liquidate their investment. Many owners don’t know what their property is worth and sell them underpriced or can’t sell them at all. In today’s real estate market knowing the property value is key. The conventional way to find your property value is to contact a local realtor and ask for comparable based on square footage or hire a property appraiser and they will determine the property value.
The main problem that you will see that will affect your property value is that prices are all over the place. They are both high and low. There is no constant price as before as prices were going one direction up. Now that the prices have dropped it is making it a bit difficult.
The way I determine land value is to search for sales in the past 6 months. Create a list and disregard the sales that are from financial institutions as those are REO’s (Real Estate Owned). Also disregard sales that are on the top mark of the list as those could be legitimate sales but often they are international buyers. Just for your information international buyer do pay more for properties than domestic buyers, so if you have the capabilities to advertise oversees then do so. This does not mean that the lowest prices are the property value as they are usually real estate investors buying at the lower end. You need to concentrate on the middle prices as those are the actual retail prices.
Now where will you find a list of sales? I have said it before that the property appraiser office is the most important source of information for real estate information. You can do the following; visit, call, or go online. My preferred choice is going to their website. You can search all you want in your own time and get the information faster than calling them. I doubt they are willing to help you create a list of sales. You need to go to their website and learn how to use their site.
Once you have determined the property value now it is time to list it and hope that you will sell it fast. Hope this information helps.
