Home Buying in Knoxville>Question Details

Amy Emert, Home Buyer in Clinton, MI

How can a property cost approximately $9500 an acre and another property on the same road cost $6500 an acre? Why such a difference?

Asked by Amy Emert, Clinton, MI Thu Jan 31, 2013

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This question was asked from this property: http://www.trulia.com/property/3075930695--E-Brushy-Valley-D…

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3
Yanoska Diaz’s answer
The value of any property is basically established between the Seller and the Buyer. There are no laws or regulations that can prevent a Seller from selling or listing at any given price. If the Buyer agrees to purchase at $9,500 an acre, then the value is $9,500 as long as the Buyer can pay for it of course.
1 vote Thank Flag Link Thu Jan 31, 2013
I am familiar with this area and you can see pricing lower and quite a bit higher. If the land is zoned commercial you will see a greater price, if it is doesn't have utilities run to the site you will have a lower price. My advice is locate land that meets your requirements and compare this price with what is "like kind".
0 votes Thank Flag Link Thu Jan 31, 2013
Amy,

It depends on the lay of the land, home site locations, ease of hooking into utilities, does one have a well already, pre-cut roads/driveways, etc.

These are all factors that contribute to the prices; but the most important to remember is that these are just what they are asking for the properties.
An owner next door could ask $13,000 and acre if he/she chooses; but that does not mean that it is worth 13k/acre.

The same goes for homes; we very often see someone try to sell their home for what they paid for it 6 years ago, but the neighbor next door will sell their home for what it is actually worth, and it will sell quickly while the overpriced home sits.

Hope this helps.

Best,

Ray Gaudet
0 votes Thank Flag Link Thu Jan 31, 2013
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