Posted by rrSmith on November 12, 2000 at 10:54:16:
Yes, there are books on appraisal and you can pull the comps, you can try for equivalent square footage, plus or minus special features, but in the end (like stocks, classic cars, stamps, etc.)supply//demand set the value.
PEOPLE (and what they think it is worth)
trade in investments and liquidity can get to be a problem.
For example large special projects in the country that have been converted to higher use, Ben & Jerry?s ice cream site, Microsoft Woodinville site, vineyards, U pick It berry sites, dog kennels, etc. used to be raw land then transcended residential and small commercial to small industrial (strength) real estate. So yes there are guidelines (SEE COMMERICAL SITE) but in the end you might have liquidity or unique ness problems.
How do you know what a property is worth? - Posted by Ricky Brown
Posted by Ricky Brown on November 12, 2000 at 09:34:08:
I am new to realestate. How do I know when I look at a property what it is really worth with out haveing it appraised? What are some guide lines to follow? Is there books to read?
I AM GOING ON MY 50TH YEAR IN REAL ESTATE. HAVE BEEN AN BROKER, INVESTOR AND APPRAISER. WELL EXPERIENCED. WOULD NO MORE CONSIDER BUYING OR SELLING WITHOUT AN APPRAISAL THAN I WOULD PLAN TO WIN THE LOTTERY WITHOUT BUYING A TICKET.
YOU CAN TAKE AN INTELLIGENT LOOK TO SEE IF ITS WORTH THE MONEY. EXAMINE ALL THE SOLDS IN THE SUBDIVISION THAT HAVE SOLD WITHIN THE LAST SIX MONTHS. IF YOU JUST WANT A QUICK VIEW TO SEE IF ITS WORTH THE APPRAISAL CHECK THE SQUARE FOOTAGE AND EVERY ONE OF THE COMPARABLE SALES AND ONLY USE THOSE THAT ARE WITHIN A COUPLE OF HUNDRED SQUARE FEET AND SOLD RECENTLY. SHOULD TELL YOU IF YOU WANT TO GO ON. ANY REALTOR CAN RUN THE STUFF ON A COMPUTER FOR YOU IN FIVE MINUTES. REALTOR WILL NEED TO KNOW THE SUBDIVISION AND THE SQUARE FOOTAGE IN THE SUBJECT PROPERTY.
DON’T SAVE THE MONEY. CHECK CAREFULLY THEN SPEND THE $275 FOR AN APPRAISAL. REMEMBER IF YOU LOOK YOU WILL ELIMINATE 19 OUT OF 20 THAT YOU WOULD HAVE WASTED THE APPRAISAL MONEY ON.