Home on acreage - how to value land?

[George Hatch]

I should mention that all of these "what if' scenarios are just hypothetical. It may very well be that the appraisals using $10k/ac to adjust for the lot area are out of line and/or otherwise unsupported. That appraiser might be wrong in this case. Or not. There's no way for us to say one way or the other without seeing things in person and doing the additional research it would take to develop an informed opinion.

 

[Mark K]

What I'm dealing with at the moment they used $5k per acre for the adjustments with the comps which just didn't seem right (there were other mistakes in the appraisal, done by a trainee, but that is what jumped out to me). The previous one was $10K, more in line with what you said earlier but it still seems low to me.

I know the west side very well, especially Hendricks Co. I haven't adjusted $5K/acre for surplus land in that area for about 10-15 years; that's way too low today. Definitely shows a lack of geographic competence on the part of the appraiser.