Selling a house in a changing real estate market can be challenging. Selling dirt can be even more challenging…in any market. In this article we provide tools for landowners and real estate professionals about how to sell lots and land, and why your strategy with vacant residential land needs to be different from selling a home.
- Lot and Land Buyers are Different from Homebuyers – 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.
3 Things you should know before buying and selling land
The competition is intense in the real estate market as we enter into a busy spring/summer listing season. Buyers are anxious to lock in low interest rates before they increase, and they’re competing over exceptionally low inventory.
Some buyers offer tens of thousands over asking, all cash with waived contingencies — but still lose bidding wars! Many have turned their attention towards buying vacant land because it’s even more scarce than houses; investors struggle to find available property for sale that hasn’t already been snapped up by other eager homebuyers first!