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Sometimes you need to attempt to evaluate the cost to replace what you have.
Do you have any idea what the value of land may be?
If you were to build the house from scratch what would it cost in your area. Once you have that estimate then you need to depreciate for the age and condition of the house.
Are any other homes for sale but haven't sold?
We built the house 2 yrs ago,appraisal before we built was $ 130,000 but we have added a barn,pond,etc... Tax card states $130.000 can you go buy this?
that is your assessment, and typically your assessment has nothing to do with your market value. Your market value could be higher or lower.....
Has anything sold in the country? you may need to add for the outbuildings and other things and make deductions for anything the other properties have that you don't have.... It will be tough, but talk to an appraiser or an agent that has experience with Country/ Rural Property.
I think Shelly means county, and I would agree that you need to spread your reach farther when looking for comps. Look at other similar towns and areas in your county. If you have to go to a neighboring county do that. It will give you a ballpark starting price.
Getting an appraisal is fine. It is hard for them to.
As a potential buyer of country property..I have asked the realtor how the seller came up with the price since comps are hard to come by if any. I have not really gotten a good answer from them (3 so far). Is that a fair question to ask as a buyer ?
Where I'm looking, raw land prices varies from $3k-$12k per acre and there's nothing special about the $12k/acre property vs the $3k/acre property. I've looked at the county appraisal rolls and land is valued at the $3k/acre price.
I've also looked at homes priced at over $350K where the home was pre 1950 with no gas hookup for the gas stove, no visable septic connections, land not mowed for years, no central A/C..you get the picture. And then I'll go look at a 2000 home on same type of acreage for $300K.
It's always a fair question to ask about how they came up with price. The challenge with country properties is that they are not spec homes. So somehow agents and appraisers have to try and compensate for all of those differences.
Some people want a creek and trees on their property and others want nothing but flat land. Some people will pay more for a creek and for others it's a detriment. Usually you can find something that the agent used to adjust the price up or down in comparison to the comps. But then again...I have run into some agents that I think threw darts at a dartboard in order to determine the price.
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