Worth a look

When deciphering a listing price for their prized farm, a property owner can often struggle between an emotionally subjective valuation and a realistic fair market value.

Asking the advice of an experienced real estate professional is always advisable. They will be familiar with the locale, the market preferences and price patterns of comparable sales in the vicinity which will lead to attracting the best possible outcome in the sale.

A Realtor can perform a Comparative Market Analysis (CMA), which for a farm, is not always a straight forward task. Sales comparisons can be somewhat challenging when recent sales of similar properties in the immediate vicinity are few or non-existent and would have to search for pricing a bit further away from the actual subject property. The Realtor might therefore recommend a full appraisal of the property by a farm expert to best calculate its value.

A farm appraisal is specialized and complex. Unlike a standard appraisal of a residence in a community where comparing ‘apples to apples’ is a relatively easier calculation, an equestrian property with a main residence and several outbuildings can have quite unique characteristics and amenities.

There is a saying within the horse business, “A horse is only worth what someone is willing to pay for it.”

In reference to real estate, an affluent buyer might be willing to pay handsomely to live in horse country when the property meets their particular needs. As a rule though, horse professionals and the average horse hobbyist will have a budget. Their livelihood and their purchasing power are affected by current market conditions and economic trends. When making a huge personal investment, a buyer may have to weigh the balance between two similar properties: the one with the lower price; or the property that they really want and comes equipped with the perfect home and stable for their needs, yet may require more upfront money to acquire.

I find it essential as a Realtor, to listen to my seller an/or buyer. Learning the overall needs of each party, their family, as well as their requirements for stabling their beloved animals. As a long-time horse professional, I am aware of the exercise and turn-out (leisure time) needs for the different horse breeds and riding disciplines. Feel free to contact me at 352-895-1793 with your personal inquiries about equestrian real estate.