There are several questions that should be considered to help answer the question of how much is a parcel of land worth. A few of these questions are: How is the land currently used and how might it be used in the future? What is the quality and production capabilities in that case of agricultural land? What are the regulatory and zoning guidelines of the property and could this change? It is important to remember that land is only worth what someone is willing to pay for it given the many variables that ultimately determine the value.
An experienced Realtor will know the potential uses for the land
Land zoned (or could be zoned) for residential or commercial development will be worth more than vacant land that cannot be built on. Land used for agricultural production will be worth more than land used for recreation/hunting.
Work with a Realtor that is experienced in land purchases and sales
A Realtor who has experience helping clients buy and sell land is one of the greatest assets when it comes to pricing property. Experienced land Realtors have their fingers on the pulse of the market and can provide you with critical insights about what someone might be willing to pay for your land. When pricing land for sale, you want to educate yourself as much as possible regarding how the land is or could be used. Pricing land for sale is knowing what you can receive versus what you emotionally hope to receive. Knowing more about the land and market will get the land sold at a practical price.
“Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.”– Franklin D. Roosevelt, US President