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How to Value Waterfront Property in Ohio
How to Value Waterfront Property in Ohio
Waterfront property is unique in a number of ways, particularly in Ohio. This means it may be more difficult to determine value on a property but it is worth discussing the unique factors and be aware of those prior to valuating waterfront property.
Sales Comparison
People use the sales comparison approach quite often when looking at properties. Things such as comparing a neighbor's home value to one's own or appraisers who get detailed evaluations based on recently sold homes in the area to value a home are using sales comparisons. A similar property with similar features in both the land where the home is located and the home itself may make it easier to determine an estimate of value even if it is just a guess.
Market Periods
Look around at properties in the same neighborhood which sold in a similar market period. Marker periods in the central Ohio area are a product of a few things including weather and school schedules.
Winter: the slowest market period is between December through March when sale prices tend to be at the lowest point
Spring-early summer: busiest period starting in April through mid-August. Typically the highest prices are peaking at this point as parents want to decide prior to school start dates
Late summer-fall: Late August through November see sales slow down as school begins and everyone heads into the holiday and winter seasons.
Generally speaking, appraisers like to locate a similar property to one in the same neighborhood which has sold in the past 6 months but often look at homes sold in the past year. When this occurs, the review of past sales may span across many market periods.
Central Ohio home sale prices tend to peak at their highest in the Spring-early summer then decrease or remain level until the following year. This is due to supply and demand being high. Market periods are important to determine value for property as a similar one sold in December may have sold for less than it would in the busier market periods (early spring to summer).
Variation Between Properties
All homes have variation since no two homes sit in the same place. No two homes are the same and each variation has a value placed on it used in adjusting overall value.
Waterfront Properties
Standing beside a lake with a slight breeze blowing, it can feel moist and damp or warm and inviting depending on the time of year. Waterfront properties may experience a few different things depending on relationship to the water. This is due to winds blowing from west to east and variation at one property is likely to shift values from another property that may face a different direction or have a different vantage point. Properties on the western shore of water may have higher values than those on the east shore.
Having an outdoor living space with a patio, deck and yard are important for people who want to enjoy the view of a waterfront property. It is important to note the amenities people will enjoy and those they may not. Not every person wants or needs a boat dock but it may be an important selling point regardless and is worth making sure the dock, if it exists, is in good working condition.
Home estimates are done every day by trained realtors with experience in the Ohio region. Contact Choice Properties to find out how we can assist you in finding the best appraisers and value for your property if you are looking to purchase or sell waterfront property.