Details On Selling Land
Residential & Land buyers. “These groups of people have very different perspectives, desires and needs. Homebuyers usually want move in ready, with granite countertops. Land buyers, whether individuals or developers, are looking for the right location and an opportunity that lets them customize to fit their needs. Land Requires Different Sales Techniques A home has a kitchen, bathrooms and a façade that can be visual and photogenic. You can hold an Open House for a home and walk a buyer through each room to help make the sale. Buyers can easily visualize themselves in and fall in love with the built home. It’s just not the same for vacant residential lots and land.”
The market for residential homes is almost always generating more than the land market. There is without a doubt that there is more buyers looking for homes already built than land. So that leads to land taking more time to sell then an average home. Days on market are never really the same. But don’t be discouraged. Lot and land markets continue to heat up across the country. And while some of these comparisons may seem disheartening, people successfully sell lots and land every day.
When selling a home, you practically know who youre targeting for example an approved buyer and their price range. However when selling land your buyer will be along many factors. Whether the land has been developed already, its location and market conditions, among other criteria. Is your likely buyer an individual looking for a lot for a new home? Or is your buyer going to be a builder or developer looking for land for their next project? Or is your buyer some combination of those, or someone different altogether? There may be different buyers for finished lots, rural acreage or a parcel of suburban land in a thriving new home market. After sitting an jotting ideas to identify who your likely buyers may be. It is a vital that you present a powerful message of what they need to know of the land.
First impressions are lasting in real estate. When selling a home you would never leave out your dirty laundry for potential buyers to see, and you should also clean up your lot before it is shown and marketed. Cut the grass (or weeds), remove trash and take marketing photos of your property when it is looking its best. Some sellers even plant wildflowers to make their vacant land look beautiful. It’s like staging a home, but you’re just working with raw land instead.
Pricing can determine your success in attracting potential buyers, and pricing your lot or land too high is one of the biggest mistakes that sellers make. So lets get down to the real numbers which will consist of a lot of studying the specific market the land you selling is in. A price will have a big determining factor if a potential buyer will even want to go look at the property.
In addition to your own situation, pricing your property ultimately requires an understanding of the land market as a whole, why people are buying lots or land in that area and who these people are. A good real estate agent with land expertise can help greatly in this process.