If you need to sell vacant land or parcel life in the Portland metro area or anywhere in the surrounding communities and towns, it helps to know how to price that property so that you get the right buyers at the right time for your price. Here are tips on pricing land in the Portland Metro area.
You're going to start with the location.
If you are way out of the city on numerous acres, buyers are going to consider commute routes, distance to markets, schools, churches, and restaurants. They may also consider any difficulty in getting to that property in bad weather. The location really is key to where you start in pricing the property.
Use and utility.
Even though location is key, a major process to pricing land is its use and usability. Is it ready to build, in need of utilities or clear-cutting, or does it need an easement? Lenders will take into account all of these factors when appraising the property when someone purchases it. How usable is the entire lot? Are there swamps? Wetlands? Reasons one could not build in a certain place or even use part of the property?
Read more: What's With the "Zestimate"?
What is the future value of the proposed property?
Appraisers and potential buyers will look at the future value of the property. How much could it return if it was improved upon with a building? These can be quickly estimated by recent sales in the area or by a qualified real estate broker. These comparables also need to be within the last six months or so.
Does my land need a survey?
More often than not, vacant land or lots will need some sort of a survey or boundary survey in order to find the true outline of where the property lines begin and end. Unless this is already been done through county assessors or you're absolutely positive that the boundary survey is correct, then you can move forward with finding other resources for pricing the property. Additional surveys may be geological, environmental and hydrological but check with zoning laws on the rulings for the area.
Pay for an appraiser.
Sometimes the best way to determine proper value is to hire an appraiser to get their professional opinion and layout on the property value.
Read more: What Does DOM Mean in Portland Real Estate?
The size of the land always makes a huge difference to the price; are we talking hundreds of acres outside the city limits of Portland or are we talking about an 8000 ft.² parcel live in the middle of town? These will be some of the major factors in finding a great starting point for pricing the property.
So to recap - factors to look for introducing price:
- Future Value
These major key components are excellent starting point in pricing land or property without any improvements in the Portland area. If you'd like to get started speaking with a real estate broker that specializes in selling and buying land in the area please give us a call anytime. We can start with providing options and suggestions on what your property in Portland is worth.