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.
Sierra Pacific Mortgage
NMLS License # 27445
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