Ideas for valuing property

The appraisal of residential airpark property remains somewhat of a mystery in the world of real estate. Of course, since there aren’t thousands and thousands of residential airparks around the country where hundreds and thousands of homes change hands each year, it is difficult for appraisers to come up with good comps for residential airparks. […]

The appraisal of residential airpark property remains somewhat of a mystery in the world of real estate. Of course, since there aren’t thousands and thousands of residential airparks around the country where hundreds and thousands of homes change hands each year, it is difficult for appraisers to come up with good comps for residential airparks.

Of course, the only time we really want comps are for buying, selling or financing and possibly to compare the property against others for tax comparisons.

The growth of the internet and acceptance of its capabilities has provided lots of good things for real estate agents but also for all the rest of us. The net result is that many new companies have come on line and are offering you the opportunity to look at property anywhere in the country. Many of these websites offer descriptions of properties, photos and the asking price. You can search for a property by city or actual address.

This suggests to me that before going to an appraiser or real estate agency or mortgage broker or banker or the tax assessor’s office, I can find out a lot of information that can bolster whatever case I want to make.

Some of the websites provide a lot of information immediately. Others require you to sign in. All of them assure you they won’t sell your name or share it with others.

Here are a few of the sites I’ve looked at that provide some good information without any charge. Some include apartments and condos or similar projects and others are strictly on homes. You need to spend a little time checking out the various things they offer to find what might best help you:

http://www.citycribs.com
http://www.judysbook.com
http://www.livedeal.com
http://www.zipreaty.com
http://www.mynewplace.com
http://www.trulia.com
http://www.zillow.com
http://www.streeteasy.com
http://www.propertyshark.com
http://www.propsmart.com

Please let me know what you discover that helps – or doesn’t help – you in getting the best picture of the right price for the property you are selling or buying.

1 comment

  1. Marc Coan

    I was asked this question often when I was selling airpark land in Oregon. My research led me to conclude that an airpark home sells for 15-20% more than the same home would in the nearest community, IF that home had a huge garage attached.

    Of course, appraisers can also use the depreciated Replacement Cost method to determine the construction cost, but not the land cost.

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