What is my vacant land worth?
Land is valued mainly by what similar lots nearby have actually sold for recently - not by the tax assessment, and not by what houses sell for.
1. Start with recent sales of similar vacant lots
The best evidence is recorded sales of vacant lots close to yours, of similar size, in the last one to two years. Sales of lots that already had a house on them don't tell you much about land value.
2. What pushes a lot's price up or down
- Utilities: city water and sewer usually adds a lot of value compared with well and septic. In Palm Bay, for example, water-and-sewer lots have sold for about twice as much as well-and-septic lots (see the numbers).
- Road access: a lot on a paved, public road is worth far more than one on an unbuilt or private road.
- Zoning: zoning that allows more than one home (multifamily) can be worth more to builders.
- Flood zone and wetlands: flood zone X is usually best; wetlands can limit what can be built.
- Builder demand: if builders are buying lots nearby, there are more buyers for yours.
3. Check it yourself
Your county property appraiser's website lists your parcel, its size and recent sales nearby, and the county clerk records every deed. Note that the "assessed" or "market" value on your tax bill is for tax purposes and often differs from what lots actually sell for.
4. Why an investor's offer is usually below retail
A cash offer from an investor generally reflects a discount from a full retail sale, in exchange for speed, certainty, and no listing, showings or commissions. A good investor should show you how they arrived at their number. We do, in writing - and there's never an obligation to accept.