jflournoy
Active Member
Couple things....
- Sometimes it is very difficult to come by *good* comps on rural properties. Often they aren't very close (location), they were sold too long ago to be very useful, or they aren't *truly similar* to the property they are being used as comps for. More than once I've consulted with a landowner who had gotten a packet of "comps" from some other realtor looking to get his listing, and more than 50% of the "comps"....weren't. You'd think it would be pretty easy to get across the point that a good quality tillable farm sale isn't a comparable for a *pasture* farm just because the properties are both 120 acres and have approximately the same percentage of "open" acres. But it's not always as easy as you might think.
- If a good property has been on the market for 3-4+ months and is still unsold, you can probably bet it's listed at a sale price that's at *least* 10% higher than it should be. Just because properties are listed at a certain price on Landwatch doesn't mean they're actually selling for that price, and in some cases they're selling for much less than that price.
- Sometimes it is very difficult to come by *good* comps on rural properties. Often they aren't very close (location), they were sold too long ago to be very useful, or they aren't *truly similar* to the property they are being used as comps for. More than once I've consulted with a landowner who had gotten a packet of "comps" from some other realtor looking to get his listing, and more than 50% of the "comps"....weren't. You'd think it would be pretty easy to get across the point that a good quality tillable farm sale isn't a comparable for a *pasture* farm just because the properties are both 120 acres and have approximately the same percentage of "open" acres. But it's not always as easy as you might think.
- If a good property has been on the market for 3-4+ months and is still unsold, you can probably bet it's listed at a sale price that's at *least* 10% higher than it should be. Just because properties are listed at a certain price on Landwatch doesn't mean they're actually selling for that price, and in some cases they're selling for much less than that price.
