How do I determine the value of land?
Every parcel of land is unique and has objective and subjective variables.
- Objective variables are those that are facts about the land, such as location, topography, access, zoning, tree coverage, amount of wetland, drainage and soil type(s), utility availability.
- Subjective variables are those that may or may not be important to you or others, such as landscape views, historical significance, surrounding land use, neighborhood characteristics.
Land is subject to market forces as well. Supply and demand, any income-generating capabilities the land might have, and terms of financing can all affect land value.
We can access sales data from the Multiple Listing Service (MLS), utilize county records, and apply our knowledge of properties on the market to help you understand the current market situation and value of land. You can also contact an appraiser or the county assessor for actual sales data from Certificates of Real Estate Value.
Ultimately, a property’s true value is a personal matter of what it is worth to a specific individual. Buyers need to know that unique properties may never become available again so they need to determine how much they are willing to pay to secure opportunities for them and their families.
For information on ways to fund a land purchase, visit Land Financing in our Toolbox or CONTACT US for assistance.