…but just like a tree, it takes a loooong time to reap the fruit.
Many people assume the market dynamics for lots and land are just like the market for existing homes. They truth is they are quite different, and sometime vary greatly from residential real estate. You’ll be better prepared to sell your lot or land if you recognize some of the contrasts between the land market and the existing homes market:
-Land Buyers are Different from Homebuyers – These two groups have different perspectives, desires and needs. Homebuyers usually want move-in-ready, with granite counters. Land buyers, whether individuals or developers, are looking for the right location and an option to develop to fit their needs.
– Land Requires Different marketing Techniques – A home has a kitchen, bathrooms and a façade that could be visual and photogenic. You can hold an Open House for a home and walk a purchaser through every space to make the deal. Buyers can without much of a stretch imagine themselves in – and begin to look all starry eyed at – the newly built home. It’s simply not the same for empty residential lots and land that may not provide the same visual appeal.
-Market for Land is Less Active – The market for existing homes is practically always more vibrant than the land market. There are fewer amounts of buyers for vacant land than consumers looking for homes. Start marketing a new home listing along with a new lot listing when both are desirable and priced well, and you generally can expect fewer contacts on the new lot listing.
-Patience Required – Promoting a lot or vacant land typically is going to take longer than a house. You therefore have to be patient.
Considering all these, having a expert opinion always helps when selling your lot and land, we encourage you to call or email us any time for advice, options and a free quote to purchase your land outright.