General terms–mid-Atlantic very horsey area within an hour of major city over 1 million people. Good schools in the county with growing population. Farmette is 15 acres half wooded/half open with three board fencing on three separate fields all with good sized three sided well built run-in sheds. 100x150 fenced ring with rock dust base in excellent condition. Newer three stall barn with heated 12x12 tack room, 12x12 stalls with stall mattresses. Hot and cold water. Hay storage, frost free water to field locations. House is one level country cabin 1300+ sq. feet. Nice big front porch, new roof, open floor plan with 3 beds/2 full baths. 2 working wells on property, Electric to outbuildings except some run in sheds. Also 16x16 “man shed” that is insulated with cathedral ceilings and storage lofts. Large chicken coop with run. Private setting with long driveway on country road. Ideas? The realtor I consulted I believe is underestimating the value. What would you price it at? Thanks for opinions/educated guesses. At this point not on the market just trying to assess value.
I’m guessing the small size of the house is what’s hurting you here? What do the local comps indicate with regard to price? Is your realtor (or appraiser) a specialist in horse and farm properties?
Unfortunately, a whole lot of buyers don’t value or care about horse specific improvements. If barns can be converted to garage, or workshop, or storage, that seems to add more value and appeal to a wider audience.
That you’re in a horsey area helps, some, but still doesn’t guarantee a horse buyer who cares about your barn as much as you do 
I think real estate pricing is so detail- and location-specific that it’s possible no one on here can give you a great answer… In my county that could probably go from anywhere between $400k and $1.3 million, depending on the location and how nice the house is. If the house were bigger I’d range that even higher.
Price would be based on comparable properties that have sold recently? I for one don’t want a big house and would be way more interested in the land and buildings. There have to be more like me out there.
What is your realtor proposing as far as price range??
In the 500k area. A similar property but with older barn and no ring with a bigger nicer house just sold up the road for over asking at 715k within 2 days.
So then you price somewhere in between the 2 price points and see what interest you get. At least I would. Many realtors just don’t see value that horse property can have. If it is overpriced you will quickly find out.
This is unsurprising. A bigger, nicer house is worth more to the market. Barns and rings add little value for most buyers.
here that would be a 653,400 square foot potential country subdivision just $1.50 per square foot $980,100
Similar here.
When you say “cabin,” is it log? I know that often is a ding for resale.
And unfortunately, horse improvements add very little to property value.
I know most sellers want their horse or animal property to continue, but if subdividing is allowed, or possible, then a developer might be the better offer.
Also, remember that your horse property might be some buyer’s dog boarding business, car collection garage, greenhouses, and simply a weekend place without livestock. I suspect a weekend place would be more attractive with a larger house. Or with a cottage for a caretaker.
How close is the nearest town and how big is it? How old is the house? Size of the house might be an issue, it’s on the smaller side (though I would appreciate it!), someone with a family might need or want something bigger. Condition of the house, has it been remodeled with upgrades on the interior etc. might matter; size of rooms and closets will matter to some. As far as horse property depends on if there are nearby horse properties or just near by homes on land. Look at neighboring properties both horse properties and just homes on land at what they are or were listed or have sold and see what they sold for and are currently valued at.
However, in the end you can ask what you want; however, it doesn’t mean that’s what you will get. If you really want to sell quickly then you’ll need to price it to be competitive.
This is impossible to guess at without knowing the exact location. Contact a real estate agent for them to run comps.
very often there are not any comps for such properties, when we did a refinance many years ago they had go back ten years to find five comps for properties within a reasonable distance .
So they ran the numbers two way first as is and secondly what it could be
All the barns were valued less than 40% as barns verses alternate uses such as a garage or a workshop
I’m in the Eastern WV panhandle and there was a similar sounding home with 10 stalls and no ring that was convenient to DC via the train, listed for 870K. Depends where you are at in the North Atlantic and commute to the city. Loudoun county is prime $$ but Fauquier is much cheaper, and Fairfax is $$$$. Not sure about MD prices.
Yes, I’ve bought and sold a farm. A good real estate agent will have to expand the radius and timeframe, but comps can be run.
Or paying for an appraisal is always an option.
Thank you all for the excellent feedback. I think we are currently in a good situation with the property as far as it is set up perfectly for what we need. I think maybe we could ask higher than 500k but may take longer to sell. Perhaps we will just stay put for awhile. Other horse properties are hard to find that are set up well and sometimes are quite expensive, and so it may be better to appreciate what we have.
This exactly. If you are an hour from NYC or Boston, the price will be enormously different than an hour from Raleigh.
I have a 20 acre property on the outskirts of a mid-size city, and it is worth about the same as a similar house on a postage stamp downtown in the best area. Maybe that would work as a comp?
And likely the best option.
An AVM would certainly be cheaper but less accurate, particularly for a horse farm
might start by seeing what it would cost to replace what you have now with the same, might scare you
The three rail wooden fence would be costly in itself
If you don’t have to sell, staying put is probably your best option. I think mortgage rates are going to be going down as time goes on. I doubt they’ll get back to those 3%'s though.
