Our real estate agent popped in for coffee this morning and we walked around the house and the 25 acres looking at what was potentially for sale. He had done some homework and had a list of properties that had sold in our area over the last few years.
He will perform three assessments before getting back to us with a suggested sale value. The first obviously is the comparative value of the other properties that have sold with some adjustment for the rising or falling market. The second is adding up the value of all the structures including fencing and dams and the land. The third method is the price paid for the original property plus expenditure on improvements.
This is not an exact science but generally it is pretty accurate.
This will provide us with a budget for any future purchase - should we then choose to keep looking.