It can be tough to find someone to buy vacant land…especially a buyer who is ready to pay cash for you land right now.As of late 2022, the real estate market is in somewhat of a slow down.There are less buyers then there were a few years ago. And, inflation is lessining the purchase power of everyone. What does ‘sell land for cash’ really mean? When we say “sell land for cash” we mean that a buyer does not need outside financing to purchase your property. Financing for real estate typically comes from…
Traditional banks Credit unionsFriends and family (personal loans) The sale of another property
That’s not good if you’re looking to sell sooner than later. A buyer who needs financing may ‘back out of the deal’ because the bank wouldn’t approve a loan. Here are 3 reasons why it’s tough to sell land for cash…
1. Not all Americans Have a Ton of Cash Ready to Invest in Land
According to The Motley Fool, the average American holds $4,000 in savings.That’s not a lot of cash in the bank account to be able to write a check for your vacant land.
And, according to a GOBankingRates survey, only 16% of Americans have more than $20,000 sitting in their savings account.
Only 16% of Americans could afford buying a piece of vacant land for more than $20,000 with cash.
2. Real Estate Agents Don’t Focus on Selling Land for Cash
Finding a real estate agent in your market that knows other land buyers who are willing to pay cash for land can be rare. Most real estate agents focus on selling homes – where a high price points means agents can make the most in commissions.The typical real estate agent charges a 10% commission for selling vacant land.
Real estate agents focus on selling houses – where they can make a higher commissions – versus on selling vacant land.
3. Selling your Land by Owner typically means Spending Your Own Money
Selling your vacant land on your own sometimes requires an investment.You may have to spend money on…
Consider Selling Your Land Online Through a ‘We Buy Land’ Website
‘We buy land’ websites are run by active land buyers who can offer a quick cash sale for land. In exchange for accepting a lower price for your land, an active land investor can offer a fast sale – sometimes in as little as a few days.When selling your land, consider how tough it can be to reach cash buyers, pay a commission to a real estate agent who specializes in selling land and/or marketing your land for sale by owner. ‘We Buy Land’ websites are filled with land buyers who can offer quick cash for your land.
Overcoming Challenges to Sell Land for Cash in 2023
Selling land for cash in 2023 can feel daunting, especially with the real estate market slowdown. However, with the right approach and strategies, you can still navigate the challenges and find a cash buyer for your property. Here’s additional insight to help you understand and tackle the key obstacles.
Understand What “Sell Land for Cash” Really Means
When you aim to sell land for cash, the goal is to find a buyer who does not require external financing. Cash buyers are typically individuals or investors who have liquid assets readily available to close the transaction without delays caused by:
- Bank loan approvals
- Credit checks or underwriting processes
- The sale of another property to fund the purchase
Cash sales often streamline the process, reducing the likelihood of delays or deal cancellations. However, the pool of cash buyers is smaller, making it critical to adopt focused marketing strategies to attract them.
Reason 1: Limited Savings Among Americans
Many Americans simply lack the liquid funds to purchase land outright. According to recent surveys:
- The average American has around $4,000 in savings.
- Only 16% have more than $20,000 in accessible funds, which limits their ability to pay cash for land priced above this range.
How to Attract Buyers Despite This Challenge
- Market to Investors: Investors often have cash reserves specifically allocated for buying land as part of their portfolio. Platforms like “We Buy Land” websites cater directly to this demographic.
- Offer Flexible Terms: If a cash sale isn’t feasible, consider offering seller financing. This creates an additional revenue stream for you while making your land more affordable to buyers who lack upfront funds.
Reason 2: Real Estate Agents Rarely Prioritize Selling Land
Most real estate agents focus on selling homes, where higher price points and larger commissions make their efforts more rewarding. Vacant land sales, with typical commissions around 10%, are often deprioritized.
How to Compensate for This Gap
- Seek Specialized Land Agents: While rare, agents who specialize in land sales are more likely to have connections with cash buyers and investors.
- Leverage Online Marketplaces: Post your land on platforms like Zillow, Facebook Marketplace, and LandWatch to bypass traditional agents and reach buyers directly.
- DIY Marketing: Take control of the process by creating compelling listings with high-quality photos, maps, and property details.
Reason 3: Selling Land by Owner Requires Upfront Costs
Selling land on your own often involves initial expenses, including:
- Professional photography to showcase your property effectively.
- Advertising fees for premium online listings.
- MLS listing fees for broader exposure.
- Surveys and estoppel letters, which provide buyers with essential information about the land.
While these investments can attract more buyers, they also place a financial burden on you, especially if you’re eager for a quick sale.
How to Minimize Costs
- Leverage Free Platforms: Platforms like Craigslist and Facebook Marketplace allow you to advertise land for free, reducing your marketing expenses.
- Partner with We Buy Land Websites: These platforms connect you with investors willing to purchase your land as-is, often covering closing costs and bypassing the need for additional marketing.
Consider “We Buy Land” Websites for a Fast Cash Sale
If the challenges of finding cash buyers, paying agent commissions, or handling marketing costs seem overwhelming, working with “We Buy Land” websites might be the solution. These platforms offer several advantages:
- Fast cash offers: Close in days rather than months.
- No marketing expenses: Avoid the cost of photography, listings, and surveys.
- No commissions: Skip the fees associated with real estate agents.
- Hassle-free process: Sell your land as-is, even with liens or other complications.
At SellTheLandNow.com, our network of professional land buyers specializes in cash offers for vacant land. Share your property details, and we’ll connect you with buyers ready to close quickly.
Ready to Sell Your Land for Cash?
Selling land for cash in 2023 may have its challenges, but with a focused strategy, you can find the right buyer. Whether you’re dealing with limited buyer pools, agent challenges, or upfront costs, there are ways to overcome these hurdles and secure a quick, profitable sale.
Fill out our online form to connect with 12 experienced land investors and start receiving cash offers for your property today!