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Five Ways to Help You Find Land Value

March 29, 2012 | Comments: 0 | Views: 136

One of the main questions that homeowners want to know is how they can find the value of their land. Below, you'll find five ways to help you.

  • Look in the newspapers, MLS sales provided by your realtor, craigslist. This will tell you what people are selling land for in your area. This will not tell you the value of the land because sales prices are usually 3% to 30% below listing prices. But if you find the address of these listings and begin graphing them, you will find patterns in your market area. Find the parcel number and begin cross referencing them with tax record or county record information.
  • Look in MLS (Multiple listing Service) in your area (you'll have to talk to a realtor to get this information). Find out if the realtor will provide you with 20 closed sales on land in the area that is in the area that you'd like to find the value. Once you have comparable sales, it will relatively easy to determine the land value. Simply select the homes that are most similar and most proximate to your piece of land.
  • Look on public websites, county websites, city websites or GIS websites, assessor websites. Many of these websites will provide you with prior sales history. If your home is located in a new development, the prior land sales will be listed in the section with the prior sales history. This is one of the best methods if you don't have access to MLS. It will take a while to do the research, but it works really well.
  • Determine the value of the structures in your area and subtract the structures and the improvements. The final number will be the value of the land. Let me give you an example. Let's say that you purchased a new home and you'd like to figure out the value of the land. It will cost you $135,000 to build a similar home to yours without the land. The total cost of the home located on the lot is $185,000. $185,000-135,000= $50,000. Therefore the land is worth $50,000. This works best in developments when you have similar homes to compare to yours and newer homes within the same development. This way there is little to no depreciation.
  • Another good way is to ask a Realtor. Many Realtors will provide free market research in an attempt to gain your business and sell you on a marketing plan when you need them. It is not rude to ask Realtors to help you. They consider this part of their marketing mix.

There you have it, five ways to help you find land value.

Would you like to learn more about buying, selling, and refinancing a home from a real estate appraiser. if so, go to or

Source: EzineArticles
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