Did you ever wonder why the appraiser valued your Smith Mountain Lake real estate at $700,000 and yet you couldn’t sell it for $599,000 after a year on the market? Or perhaps you have seen a piece of undeveloped land at the lake with an asking price that’s higher than a lovely home and acreage down the road a few miles.
There may be good reasons for both of those types of situations. The value of a piece of property is often based on the price that a willing buyer will pay and a willing seller will accept, which may be somewhat different from an appraiser’s opinion. Several factors combine to produce the marketable value of waterfront property here. These factors can for the most part be summed up in seven points: The View, The Slope, The Waterfront, The Home, The Location, Cove Versus Main Channel, and The Lot Size.
These seven issues are covered in great detail in our Free Smith Mountain Lake E-course. You can also read more about it in the book which can be purchased at the bottom of this page. We cover this subject to help prevent both buyers and sellers of Smith Mountain Lake Real Estate from making costly mistakes. Click on this link to subscribe to our informative Smith Mountain Lake E-course.
