beverly.nick…, Home Seller in Charlton, MA

We have a house with 10 acres of land. The house has two bedrooms sun room, 1 1/2 bathrooms, large master bedroom. All new windows new septic,well

Asked by beverly.nicklin, Charlton, MA Thu Mar 28, 2013

What would be a good price for this house, also has rental property with separate
land

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Answers

7
Hi Beverly,
If it is NYC it will be worth millions, and if it is in Antartica not so much.

I would contact a local real estate professional to help with this answer and to save time and money.
(I'm on the Cape, but I can help you choose a local pro if you want help doing so.)


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0 votes Thank Flag Link Tue Apr 2, 2013
Mike,

Would you treat it as a single family home, a 2 family or an investment property as all would come into play as how the you and the appraiser would look at it. Now forget how you would look at it, how would your underwriters look at it? Although that may not matter based on the qualifications and proposed use by the prospective new buyer.

You are also wrong from an appraisal standpoint the land could contribute a great deal to value, even without it being sub dividable.

As an appraiser, I would have to determine if as you say is the land sub dividable and what is the highest and best use of the property. I would also have to see if how comp sales are in relation to lot size, if homes on an acre sell for x and homes on 5 acres sell for y and homes on 10 acres sell for z.

I would also have to look at how much rent the rental provides and is it zoned for a second and or rental property.

Not as simple as you suggest.

Louis
0 votes Thank Flag Link Thu Mar 28, 2013
Hi Beverly, I work on the financing side of real estate, so estimating value is something that I do from a lenders point of view. The best way to approach value of a property is how a real estate appraiser would look at the house. The comparable sales approach is the most accurate for selling or buying a home. That means comparing your home to other similar homes that have sold within a mile or more and within 12 months, but the more recent and closer in distance, the more reliable the data will be.

The most important factor besides location is the gross living area of the home, type of home, bedrooms / baths, as well as the condition. From a lending stand point, the land land will not have as much weight given to it unless it's sub-dividable and build-able, but that type of appraisal approach would be different from a regular residential appraisal. It's not that a buyer wouldn't see value in the land, but strictly from an appraisal perspective, the home size will have much more weight than the land size in most cases. I would need to know more about the home size, condition and area of town to do the proper work need to come up with an approximate value.

If you have access to MLS and can search sold homes over the last year, that will give you a range of value. If you don't have access and would like access, I can refer you to one of the listing agents that we deal with

I have some really good local real estate agents who send their buyers to us for home loans. If you are thinking of selling, I'd be happy to have an experienced agent contact you so you can get top dollar for your home.

Good Luck and Feel free to contact me for a referral or if you have further questions.

Thanks,

Mike Dell'Ovo
Sierra Pacific Mortgage
tel. 508.453.4766
fax. 508.276.0454
NMLS License # 27445
Apply Online Secure - http://MortgageWorkbench.com
0 votes Thank Flag Link Thu Mar 28, 2013
Hi Beverly,

Your property sounds amazing! I would love the opportunity to come out and give you my opinion of value!

Warm wishes,
Judy Boyle
RE/MAX Signature Properties
"Proudly serving the Boro's and Beyond!"
0 votes Thank Flag Link Thu Mar 28, 2013
I live in Charlton, give me a call and i can do a walk-through and get you a price.

Cell 508-615-7811

Daniel Palacios
Owner/Broker
Redwood Tree Realty
0 votes Thank Flag Link Thu Mar 28, 2013
I agree with Louis. Without viewing the property and seeing the condition and reviewing the comps in the area it would be a poor agent that would give you an estate of value. You can feel free to contact me and I would be happy to come meet with you to discuss value first hand
Michael Duffy
Keller Williams
857-719-2193
Web Reference: http://Www.soldbyduffy.com
0 votes Thank Flag Link Thu Mar 28, 2013
No one on this forum can give you a correct answer without viewing the home and doing a market analysis of the comparable data.

If you want a rough estimate based on unsupported data, you could use Zillow.com

Otherwise I recommend that you have two to three top agents in your market do a market analysis and also you can view homes in your market that are on the market with similar qualities to yours, although it may be difficult to find others with rental property also.

Last approach would be to hire a certified appraiser that will cost you between 350 - 550

Good luck
0 votes Thank Flag Link Thu Mar 28, 2013
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