Posted by Ed Copp (OH) on January 15, 2001 at 12:43:35:
To be sure your situation is a bit different than if you lived in a suburb where there are 1,000 houses that are similar, and built by the same builder.
The best info for the rural area is , as it is in the cities; that is recent comparable sales that have closed. You may have to go further in your “neighborhood” to find the properties that are comparable. You will have to deal with some other variables as well, like large extended families in the area. Sometimes families like to buy properties that are nearby for the “kids” or the “grandkids”, so they will be closeby. Often the older generation pays too much, giving a false reading of real value. That being said the new sale does become a comparable, and the “real value” of the area changes. This is where it helps to “keep your ear to the ground” and just listen. There will be no substitute for knowing your own local market.