Whether you want to sell your land or are curious about its value to protect your investment, it’s crucial to take the correct steps to determining “what is my land worth?” The answer depends on a variety of factors, including location and how your land is used. If you want to command the best possible price to attract more buyers and stay competitive, here’s a look at how to determine its worth and potential pricing in West Texas, Abeline, Stamford, and the surrounding region.
The backbone of your land’s worth and putting together a valuation is all about its location. In West Texas, larger areas, including Abilene and Stamford, usually command higher prices due to their accessibility and amenities. Land near major highways and transportation hubs can also fetch a higher price tag due to its ease of access. Of course, some buyers want secluded ranches where they can enjoy solitude and privacy, so any property could prove valuable in the right market conditions.
How you use your land and its potential will also impact its value. Many land buyers want productive farmland to pursue agricultural businesses or hobbies. Whether or not the land is used for commercial or residential purposes will also impact how valuable it is in the marketplace. Zoning also matters. Texas is currently the only state in the U.S. that restricts larger areas within its boundaries from being zoned or effectively planned. Texas also zones for residential, civic, commercial, industrial, and agricultural uses, with districts allowing for multiple uses.
Size and Shape of the Land
The size and shape of your land influence its value and demand in your area. A larger tract of land is in higher demand among both developers and private buyers. An expansive piece of land with fences, paths, and utilities in place is also more convenient for homebuyers than buying raw land with nothing on it. However, an irregularly shaped lot may still be desirable in the right area, but it may pose challenges for development and how it can be used.
Market Trends and Demand
Just like any real estate market, West Texas, Abilene, Stamford, and the surrounding areas are subject to market fluctuations. When demand is low, the value of your land could decline and you may fail to compete in the market. But when there’s little inventory, especially for ranches and hunting land, you could find your property in the middle of a bidding war. The team at Ekdahl Nelson Real Estate can help you determine the best time to sell your property and whether or not a real estate boom or economic downturn will impact the value of your land.
Comparable Sales and Appraisals
Real estate agents use comparable sales and appraisals as a reliable way to find the value of your land. Ekdahl Nelson Real Estate assesses several factors of your property, including:
- Recent sales of similar properties
- Potential use
- These appraisals provide an accurate estimate of the land’s current market value.
Your home valuation report can help kick off your real estate journey or provide sound information to help you decide on next steps. It’s a crucial step to ensuring you get the best possible price for your land.
Find My Home Value in West Texas
If you’re looking to assess your land’s value, Ekdahl Neslon Real Estate can help. We can provide up-to-date market information and insights to provide you with an accurate valuation. However, land valuation can change over time, making it essential to periodically revisit the question, “What is my land worth?
If you’re ready to sell your land, Ekdahl Nelson Real Estate can help. Since 1980, we’ve offered a customized, boutique experience for our buyers and sellers for a seamless experience. We don’t believe in running our business like a transaction; we prefer developing long-lasting relationships in the community. We help connect buyers and sellers to make the most of your real estate journey from start to finish. Ready to take the next steps? Contact us today to find out what your home is worth in today’s real estate market.