The trends in the real estate market change from time to time. When local real estate markets are in a down turn selling a house can been a huge challenge for many homeowners and real estate brokers.
Selling vacant land can be even more challenging as buyers are typically purchasing land as a secondary property in addition to their home and not living there, making owning land less of a necessity.
When the real estate market is booming land doesn’t receive as much appreciation unless the property is in an area of rapid development. Rural vacant land can be especially challenging for these reasons.
This article will reveal why selling land is different from selling a home and give you some insight into finding a land buyer for your vacant land property.
There’s a Difference between Selling Land and Selling a House
It is a common misconception among people that the market dynamics for selling homes are the same as the market for vacant land. The truth is that they may appear the same, but there is actually a distinct difference between the two.
Lot buyers are different from homebuyers
These two groups of people have varying desires, perspectives and needs. Homebuyers are looking for a property that they can move-in right away. Also, most homebuyers are looking for homes furnished with all the necessary amenities they need like granite countertops and bathroom. Land buyers, individuals or developers, are looking for a land that they can customize to suit their needs.
Selling land requires a different marketing approach
Selling a home is nowhere as difficult as selling a vacant land. A home has an aesthetic appeal to it that helps homebuyers decide. A good and picturesque visualization of the home can already help market the property. To easily help close the sale, you can always hold an open house so potential buyers can appreciate the home on a personal level.
Marketing a land for sale, on the other hand, is a whole different story. Vacant lots are barren and usually do not have aesthetic appeal to it. Since visuals hold less value in selling a vacant lot, you need to capitalize on the land’s location and potential.
The potential buyers need to understand the land is best suited for their needs, may they be building a residential or a business building.
The vacant land market is less active
Generally, there are more homebuyers than those people who are looking to buy a piece of land in the market. Marketing your vacant land with competitive pricing, well researched information, a message that speaks to your buyer, and some patience is a good place to start and can go a long way in finding a land buyer for your land.
Selling land requires patience
If you are looking to sell land fast, then you might be disappointed.
Sales cycles for vacant land are typically much longer than home sales as there are number of different factors making land sales more of a challenge including a different market with a different type of buyer.
If you cannot sell your land on or before your target date, don’t be discouraged, selling land can take some time.
You may have heard a number of stories of people who were unsuccessful in selling their land however there are still plenty of people who have been able to successfully sell lots and land, and selling land is certainly possible with the right tactics.