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
I don’t know what this means.
My auto correct got me. It should have been "opinion of value". For expensive properties, find a good realtor in your area to do an opinion of value for you. They will pull comps and get pretty close to what you will get for it. There are always some exceptions though and you do have the occasional guy buy with cash, sight unseen. Cheaper properties you can sell on your own and it will sell instantly. Because there are a million buyers right now especially in that 2-400k range. Once you get above 500k it gets tougher in my opinion to market and sell a place, and many of those buyers are going to want things handled by a realtor. Negotiate a 3-4% Commision on an expensive property.
If I was selling a property, I would try to go FSBO. If I was a buyer I would use a realtor and make sure everything was done properly. That being said, I have never bought or sold a house with a realtor.
