3 Steps to Time the Sale of Your Land
Selling a property in an ever-changing real estate market can be very difficult. What’s “hot” this week might not be so hot next week. Key factors such as good schools, daily commutes, and crime statistics are all part of the overall picture that buyers look at when searching for property.
Is it in a good neighborhood? How long will it take me to get to work? How far away are grocery and dining options? All good questions. You can have the friendliest neighbors and the shortest commute, but none of that matters if you don’t have a three-bedroom, two-bath home that meets buyers’ expectations.
So what about vacant land? We’re going to show you easy steps to time the sale of your land property so you can find the right buyers and maximize your profits.
Timing The Sale Of Your Land
Have you found your dream property but can’t afford to buy it? If you’ve been in the real estate market, whether buying or selling a home, you may be familiar with a contingency that states closing can’t occur until another property is purchased or sold.
Perhaps, you’ve found your dream home, and the only way you’ll be able to purchase it is to sell your unwanted land quickly. Timing the sale of your property can be tricky, but especially so with vacant land. Location can have a lot to do with it.
If your vacant land is located in Minnesota, then listing it for sale in January, unless it has skiing or other wintertime activities, probably won’t attract the right buyers. The same goes for property in arid locations where temperatures can reach 120° during the summer. Potential buyers will be more interested in getting back inside in the air conditioning than looking at your desert oasis.
If possible, the safest bet to ensure the land sale’s timing is when the property looks the best. It could be any season.
Know What Your Land Has To Offer
Every property has unique features that will attract buyers. But there are ways to improve your land to appeal to more buyers. Some of the ways to show what your land has to offer include:
- Clearly marked property lines
- Removal of any trash or dead tree limbs
- Highlighting features like electricity or septic already on the property
- Identifying the unique feature and promoting it in your listing.
No one knows more about your property than you do, so it’s essential to highlight the unique characteristics to make it more attractive to buyers and investors.
Hire A Land Specialist
You’ve found your dream property and are now ready to make an offer. But there’s a problem. Your property listing has been sitting idle with little interest and no offers. To purchase your desired property, the timing of your land sale must coincide, or the next offer may take it off the market.
Maybe, you’ve done everything right, including highlighting the distinctive traits of your vacant land, marked the property lines, and ran classified ads in the local newspaper. But you’re still not seeing any offers.
What about the price? Did you research the comps in the area? Have you considered owner financing as a way to bring in more buyers? Acquiring vacant land can be difficult for some buyers because of the amount of a down payment.
Many down payments can be 20 percent or higher, and if you have a large tract of vacant land you’re trying to sell, without the option of owner financing, certain buyers won’t bother to make an offer.
That’s where land agents or land specialists come in. Land agents specialize in vacant land. They know what sells. They are tuned into the latest trends, not only in the local area but across the entire nation. Many land agents sell properties in multiple states and are well-versed in the local economy so they can provide the information buyers are looking for.
Don’t miss out on the opportunity to purchase your dream home because the timing wasn’t right. Partnering with a land specialist can make the timing of your land sale go exactly as planned.
