In certain parts of the country, land prices have absolutely skyrocketed since the mid-1970s. If you’re a landowner, that’s good news for you. Are you looking to cash in on land you’ve been sitting on, but wondering if you can sell land privately? You sure can.
Let’s take a look at everything you need to know.
Why It’s Different to Sell Land Rather Than Selling a House?
If you’ve sold a home before, you might assume that selling land is basically the same.
Actually, though, the market dynamics are quite different.
The buyers for lots and land are going to be different from home buyers.
They have different needs, desires, and perspectives.
People who are buying homes are looking for something that’s move-in ready that meets their needs.
Land buyers, whether they’re developers or individuals, are looking for the perfect location to fit what they’re seeking.
Marketing a piece of land for sale is quite different than marketing a home.
This is because when buyers look at homes for sale, they are easily able to envision themselves living there.
When it comes to land, it takes quite a bit more imagination and vision to see the land’s potential.
The land market is less active than the residential home market.
There just aren’t as many buyers looking for land as there are looking for existing homes.
When you’re selling land, you can expect to receive fewer interested calls than if you were selling an existing home in the exact same location.
Selling land simply tends to take longer than selling a residential home. It is a process that requires more patience.
How to Sell Land Privately
It’s possible to sell undeveloped land on your own, but it takes a little work. Let’s take a look at what you need to know.
Prepare the Land
In this instance, preparing a land for sale isn’t that different than an existing home.
You wouldn’t ever leave your home a mess when you were having an open house or when the photographer is coming to take listing photos.
Similarly, you want to make sure that the land is cleaned up, free of trash, and mowed if necessary before taking your listing pictures.
Another thing you can do is plant wildflowers on the land to increase the aesthetic beauty of the land.
You might also want to get a survey done and mark the boundaries of the property before listing.
This can help buyers understand what they’re looking at and also avoid hiccups within the buying process.
Carefully Choose Your Price
It can be difficult to correctly price land, but it’s important to do so.
It is common for sellers to price their land too high.
This scares away buyers from even bothering to make an initial phone call, and that means it can take much longer to sell your property.
On the other hand, you obviously don’t want to give away your property for less than you could have gotten for it in the same amount of time.
It’s easier to price existing houses than land because there are usually comparable properties that you can base the price off of.
Unfortunately, there are usually less comparable sales for raw land in any given real estate market.
Consider Offering Financing
It isn’t easy to get financing for raw land.
If you want to make buying your real estate more accessible, you might consider offering financing yourself.
Talk to the Neighbors
One thing you might want to do is check in with the other people that live near your undeveloped land.
It’s possible that they would want to buy the land themselves.
Sometimes people will do this so as to preserve their privacy and avoid having new development close to their home.
Others might see it as a good investment.
Show the Property at Its Best
It’s not as easy to paint a visual picture of raw land through listing photos as it is for a home.
You can, though, do certain things that help accentuate the best parts of the property.
By emphasizing natural features, showing a view if you have one, highlighting the neighborhood, providing aerial images, and including site plants or surveys, you can help paint a picture for prospective buyers.
Where to Market Land For Sale By Owner
If you use a real estate agent, they will market your land on the MLS.
You can do this yourself as well, but it does cost a little money.
People also sometimes list land for sale on sites like Craigslist.
Both of these strategies can take quite a while, though.
What if you’re looking to sell your land fast?
It’s possible to sell your land for cash without dealing with closing costs, real estate agents, or fees.
Through our service at Sell the Land Now, you don’t even have to worry about back taxes or liens.
Is It Time For You to Sell Land You’ve Been Sitting On?
The value of your land will depend on a number of different factors. If you want to squeeze as much money as possible out of your land and aren’t in a hurry, you can list the land on the regular market and wait patiently.
It’s important to remember that there simply aren’t as many buyers looking for raw land than there are buyers looking for traditional houses.
If you’re just looking to get rid of your land and put some cash in your pockets, on the other hand, there are options that can make the process take hardly any time at all.
You can sell land privately and turn it into cash in just a matter of weeks. If this is something that interests you, fill out our form today!