Ontario Tax Sale Property Forum
Tax Sale Forum => General => Topic started by: nihama on September 27, 2010, 11:32:46 AM
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Just curious about, how i can get a true market value on a property?
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Buy it and put it on MLS..whatever it sells for is the market value
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Someone want to purchase my land and they want me to tell them fair market value, its assessed at 55900
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Ask a local real estate agent what he thinks its worth
Look on MLS at comparable properties
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Hire a Real Estate appraiser.
They're in the yellow pages.
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If you want you can put up all the info on here and let the members give opinions.
If you go to an agent, get an area sales report and I can guarentee you the agent will tell you a high price just to get the listing and then tell you stories about the market dropping etc etc later
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Just curious about, how i can get a true market value on a property?
All of the suggestions have merit. Note an appraiser will cost you money. I think the first thing you must address is "fundamentally do you want to keep or do you want to sell"
All values are realistically a range. If you want to keep you obviously should be at the high end of the range. If you want to sell it depends on how desparate you are to sell. Obviously the more desparate you set the price lower.
Of course if you did a good buy in the first place you will still make a good profit as PFM has correctly noted. Being low cost provider because of a good purchase price gives one a lot of flexibility.
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Talk to a Realtor. I am one so I'm probably biased, but believe me your realtor wants to sell your property just as much as you do.
I usually give my clients a 'sell tomorrow' price, a realistic market value and a 'top end' price....then they make a decision
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Pick a price that you would be not unhappy to get for it. Appraising property can be very difficult. I'm assuming there's no comparable listings in your area. In my experience professional appraisals (including of my own properties) are often on the higher end of the scale assuming that you had the right buyer just waiting in the wings and competitive market conditions even though often neither is the case at the time.
What you'll quite often see with rural properties is several on the MLS for a year or longer. With those ones you can usually assume that the price is above the "value", or at least what anyone is willing to pay for it at that particular time.
With ones that have sold you can assume that they were either priced to move or priced realistically.
Personally, if I had a willing buyer waiting I would price it attractive enough to just move the property at an amount you can live with and save on the long term headache (and property tax). You never know if there'll be another potential buyer coming around anytime soon.. and that is often times the case when you're selling just land. It's not like 30-40 years ago when many people (non-developers) looked for land and then built a house on it.. that's by far become a rare exception these days.