Part of the problem is few comps. We’re on a 5 acre parcel out of town so that complicates the process from the start. I’ve looked at homes in my neighborhood that sold recently and multiplied their dollar per square foot by my square footage to get an idea.
For example, a house on 8 acres sold in June of 2020 for $575k. 3 bed, 3 bath, 1638 sq. ft. Built in 1974 and never remodeled, never renovated. That’s $351/ft.
That puts my 2805 sq. ft. home at $ 984k but mine is newer, updated, better view, and more private. Less acreage though.
20 minutes to Costco, 10 minutes to the minimart for beer or milk, 12 minutes to three pretty good restaurants, and 15 minutes to a gas station.
When doing an option of value $50 a sq foot is usually accurate in most markets when comparing against comps. But that’s if you want/need to sell. If going for the Hail Mary do $100.
Good luck
