How do you determine value of property?

[scooterbug44]

What is a good way to determine the value of vacant land? I typically base it on assessed value, purchase price, and comparables, but wondered if someone had a magic formula. I know the assessed values are all over the place.

[Smiling JOe]

What is a good way to determine the value of vacant land? I typically base it on assessed value, purchase price, and comparables, but wondered if someone had a magic formula. I know the assessed values are all over the place.
Past purchase price of the property does not determine the current value of the property. Also, Property Appraiser's Assessed Value should not be relied upon for determining present value. I hope that you are not "typically" determining property value of land very often, if you do indeed base it on these two factors.

[scooterbug44]

That's why I was asking for advice - I recognized that my methods were not very good ;)

[Smiling JOe]

I would suggest that you find a good Realtor with whom you trust, and leave the pricing to the people who do this for a living. If you ask an appraiser, even they will tell you that valuing a property is as much an art as a science.

[scooterbug44]

Good point. I have a great realtor, was just trying to see if there was a simple way for me to figure pricing out. Should leave it to the pros - amateurs who think they can do my job annoy me too ;)

[GVM]

Of course, if you assume that the expertise of people who do this for a living is relied upon in pricing much of the current inventory on the market...well, suffice it to say you need a Realtor with REALity.