Sherry Harvey, Real Estate Pro in Prosser, WA

I just made an offer on some raw land, and I think they will counter. What is the best formula to use to estimate value of raw land?

Asked by Sherry Harvey, Prosser, WA Sun Apr 1, 2012

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3
I own several pieces of undeveloped land, smallest part is 15 ac. to 100ac. I'm not a Realtor, nor a investment person, I just like to take a pieces of land, inexpensive (don't know what that means to you, but in 2010 till today, if you stay close to the 250. per acre you can get some nice property, not if you check with nearest Soil/Water State agency, they can tell you a lot regarding the property, In Oregon most of our ac. land is Forest, only on this type of property you can manage a nice Small Wood Lot, and sometimes get permission to put in a temp. care taker home! Ask and don't expect them to change their opinion, if there are lots of exceptions on the property, If your goal is to set back, manage your 'tree lot' in time it will reward you 100 times the price you paid. Most of my land under control has a deeded, 5 ac portion as a Building Site!!

Have fun, plan, then plan some more, and never give into the first counter offer, because all of Coos County is for sale, if you have the money, don't count on conventional lending when looking for Bare Land! The journey is the best part of buying land, you are the driver!! In joy!
1 vote Thank Flag Link Sat Jan 5, 2013
talk to your agent - every real estate transaction is different and every parcel has it's own values - your agent should be able to answer this question very easily for you - it may not be a formula so much it might just be a good look at the comps.
1 vote Thank Flag Link Sun Apr 1, 2012
I did talk to my agent - he's awesome, gave me some good comps and suggestions. Just wondering if there were other formulas out there.
Flag Sun Apr 1, 2012
Have your agent complete a market analysis = that way you can see what properties in the area have sold for. The only problem we have with that is the fact that not many peices of land are selling right now, they are not really comparable - BUT it is the way even an appraiser would look at it! We do our best to find the comparables so that you can be sure and make an informed decision.
0 votes Thank Flag Link Mon Apr 2, 2012
Thanks, Lana. My agent did the analysis and we found that properties were averaging 79% of the list price. That was helpful, also.
Flag Mon Apr 2, 2012
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