How do you determine the value of property

[jhunter77]

If you are looking to buy property how do you determine the price? There is no appraisal on the property. I have looked at comparable properties and they very in price. What advice do you have TBH? How do you keep from paying too much or offering two low? Thanks!

[Stan R]

Pay for an appraisal.. many different things go into value.. get an expert.

[jhunter77]

Is there any way to determine what % above taxed value is average

[Bowtechlady]

Take some time getting to know what other comparable properties with the same amenities are going for in the area. Your real estate agent can look up what other properties have sold for and give you guidance. Different variables do factor in such as the amenities, location, how long it has been on the market, etc. You can look up the tax appraisal but those numbers rarely add up to the asking price.

Good luck!

[Stins]

You have to look into comps on the market and comps recently sold. I would not look at value used by the Tax Assessors office because they can be misleading.

Now if there are not alot of comps in the area, its more difficult and an appraisal company will use a different method to calculate its value. They will use some standard cost analysis and base it on the size of the house and the upgrades through out. I just had this done on a house I am purchasing and while i came back more than what I am paying, I do think that this method under values the house by 5-10%.

Probably your best bet is to get a good Realtor, they have more tools and experience doing this research.

Good luck

[Drawknife]

Pm bigmactog on here. That's what he does for a living.

[Pin Oak DXT]

Pay for an appraisal to be done by a certified land appraiser in your county.

[WoJo]

Where is the property located?? I maybe able to help.

[Atfulldraw]

It's worth what someone is willing to pay for it!

One of the worst measures of value is the seller's asking price

In this case, the asking price is out there, but if no one else is jumping on it, it may be an indication that the asking price is too high.

You can ask an appraiser to give you a BPO (broker price opinion)-- it's a limited (often at a lower cost than a full) appraisal.

[ifishdad]

as little as the owner will take and as much as the buyer will pay and everyone is happy

[centexan]

It's worth what someone is willing to pay for it!

x2

[BrianL]

Once I am ready to make an offer I get an appraisal. Usually a drive by as they are much less and the appraiser knows he will be doing a full if I buy. Sometimes they won't even charge me for the drive by if I do buy and they doo the full. Waste of time to go thru everything only to find out that the property won't appraise to qualify for a loan. I have had appraisals cause me to give full asking price and some saved my butt when I was going to be putting enough $ down not to affect the loan but the property wasn't worth as much as I thought. An appraisal is the best negotiating tool you can have.