Profile picture for mswestlinn

how do I price a house when the land is 1/2 acre and the only coms available are lots?

  • December 19 2008 - Hillsboro
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (2)

Do as best as you can to compare fixed items to fixed and variable to variable ones.

First, compare the houses as though the lot sizes were all the same. That's fairly fixed and you should come up with a price.

Second, assess in your own mind the extra land. Is it steeply sloped and therefore of likely little value? Is it level and useable for, say, a pool, tennis court or just nice elbow room? If that's the case, ask yourself what YOU would pay extra if you were the buyer. Be as objective as you can. For example, some people think extra land for RV parking adds tremendous value; people who don't have RVs could care less. Some people like bigger lots so they can add landscaping; others HATE taking care of landscaping. The point is that nothing is cut and dried.

If the lot is divideable, just compare the divided off part to similar lots listed for sale and adjust downward for (a) development costs, and (b) the poor lot market we're in right now.

I hope this gives you a couple of ideas on adding value for the larger lot. Even people who do this for a living find this kind of pricing to be challenging.

  • December 20 2008
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

If your land is sub-dividable you can add up the lot amounts.  If your land is not sub-dividable you will have to look for coms that are farther out and balance that with coms that are nearby.
It can take a little more work and it helps if you have all the right tools. Contact an experienced realtor, like myself, who has access to all the sold, pending, active and tax information.
  • December 19 2008
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.