What are Comps?
In this video, Tim explains land comps:
When it comes to real estate, one of the most important aspects that you should look at is land value. While there are many other factors that go into what a property is worth, the land value can be an indicator as to how much someone may have paid for the property in question. Calculating this number isn’t as hard as some people think and with these tips and tricks, you’ll be able to do it with ease!
1) Look up recent sales prices in your area
2) Find out how large each parcel of land was when they were sold
3) Subtract the price from the size of each parcel and divide by 100
4) If you’re still not sure , use the National Association of Rural Land Builders’ land value index calculator
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