Discover What Key Factors are Effecting Your Land Parcel Price
The following MacRo Report entry is written by Dave Wilkinson, Vice President of MacRo, Ltd. regarding the current factors that can influence the market price of land in Frederick, Maryland.
The land market in Frederick County is showing signs of increased activity this spring, as many land owners finally determine they are unwilling or unable to wait out the recession. Every potential seller who calls is interested in knowing “What’s the market value of my property?” On the most basic level, the answer is “whatever someone is willing to pay you for it,” but that generally isn’t a satisfactory response!
Here is a list of key influencers on land parcel prices:
- LOCATION: Valuations will differ dramatically for a lot located in a high-demand suburban area like Urbana versus rural lots in north and west areas of Frederick County.
- ZONING: Commercially zoned land fetches the highest price per acre, followed by residential and then agricultural.
- UTILITIES: Are electric, telephone, natural gas and/or internet service available to the property, or are extensions needed? Is water and sewer provided by public systems or private well and septic?
- IMPROVEMENTS: If there are existing buildings, are they functional or obsolete, and what is their condition?
- SIZE: “Price per acre” is an overly simplistic measure – as property size increases, price per acre declines.
- TERRAIN: Is the property flat, gently rolling, or steep? Is the land wooded, tillable or pasture?
- ACCESS: How much road frontage exists, and will access points meet governmental standards for road adequacy, separation from adjoining property entrances, and required site distance?
- AESTHETICS: Views, road or industrial noise, and condition of adjoining properties can enhance or detract value.
Interested in what the value of your property is? Call today!
Dave is a licensed Realtor and brokers many of MacRo’s real estate building lot listings, using his knowledge of zoning and subdivision regulations, real estate market conditions, and land development options to help MacRo’s clients achieve their goals. Contact Dave at 301-748-5670 or dave@macroltd.com
Click here to download the complete PDF version of this spring’s MacRo Report!