How do you determine your Vacant Land List Price?

How do you determine your Vacant Land List Price? This is not majical or mystical, rather it  is quite scientific.

I am a firm believer that correctly pricing any property is critical. When it comes to Vacant Land correct pricing is more important then ever.  Generally the buyers are very knowledgeable and savvy; hence it is important that you did the right formula to derive at a correct list price. 

My formula is simple: 

1. Difficulty of building has to be factored in.

2. What is the future Value of a Home that will be built on the site?

3.  How much investigation has been done on the lot?

4.  How long will the approval process take?

5.  Now since money is harder to get that has to be factored in as well. 

If you look at all the above factors you will be able to derive at a truly fair market value of the Vacant Land. The buyers use the same formula, why should you not either.

 Feel free to add to this list