All Forum Posts by: Jacob Wathen

The appraiser would only broaden their search if they do not think they have found decent comps. They will not look at the price you have valued your home and then try to find the properties that will back up the value. Unfortunately that is just not how it works. Sometimes appraisals are just 500 bucks short of the list price. The reality is you can list your property for whatever you want. The goal is to list it competitively and get a lot of interest in the property. If you list at or just below market value you will have significantly more buyers that are interested in the home than if you use the higher valued properties (12-16 acre ones). Having an additional 10 acres will certainly impact the value of the home. There are ways to determine an approximate cost per acre in your area and do a deduction from there. 

If I were you, I would come up with a reasonable compromise between the higher priced homes with more acreage and the lower priced homes that do not exactly fit the location/style/updates of your place and see how the home performs. I also think it is a good idea to consult a realtor in your area. Many agents will be willing to conduct a comparative market analysis for the opportunity to list your home. I certainly understand the appeal to selling a home yourself but agents can put your property in front of more motivated buyers and represented sellers typically make the commission they pay back in the higher price they receive. Just a thought! Let me know if you have any other questions or if you would like referrals for agents in your area. 

@Amir M., Business is kind of an obvious connection but psychology has helped me a lot in working with the variety of people that I interact with. Whether it be clients, coworkers, or vendors I feel like I am utilizing my psych degree in every conversation I have and every time I am in front of clients. It is hard to explain but I certainly see the value in it! 

Hello Amir, 

I went to college for psychology/business knowing that I would likely use my degree and become a real estate agent/investor. After college I gained some experience in home improvement sales and now I am a full time real estate agent and I invest in real estate on the side. After I learn the ropes and build up a significant amount of capital I will focus more on the investing side. I really like the path that I am on! 

Hello @Kathryn Bowden! That is certainly a great question for an appraiser. I am. realtor and I can only say how I prepare CMAs for "unusual property". Anything that is difficult to find comps I will just continue to broaden the search until I have a good handful of properties that are close enough to the subject property to determine value. What would likely happen is an appraiser would try to start off with 1-10 acre properties and if they do not find the comps they need they will go to 15 acres or whatever it may be until they feel like the know the true value of the subject property. Lot size is only one of the many factors that go into a home valuation and if things like the condition or location do not match the ones that are pulling up they will continue to broaden. Also, if you believe there is a serious issue with the appraisal after you review it you can contest it and potentially get a second opinion.

Welcome to the site Chrissy! It is a great place to be! 

Welcome to Bigger Pockets Belinda! Lets all succeed together! 

I'm glad someone said it!! 

Welcome to Bigger Pockets Konti! Don't be overwhelmed, it is all very manageable! Just take it piece by piece. 

Hello Samuel! Yeah, just be active on BP and you will either get answers or you will find the answers on your own. It's awesome! What areas have you been looking in already? I like the midwest but you can find (or force) deals anywhere.