A good portion of first-time buyers and sellers of land expect the market dynamics for vacant land to be the same as a residential sale. They are NOT. When getting prepared to sell a piece of land or home lot you need to understand the difference between the land market and the existing home market.
- Land Requires Different Sales Techniques - Having a beautiful photogenic bathroom or kitchen might be important when selling a house. Vacant land is Different. You need to understand the value of the property and how to sell it. Instead of kitchens and bathrooms, you need to start thinking about perc sites, the ability to build, and natural resources found on your property.
- Patience Is Key - Understand that the number of people trying to buy and sell land is only a small percentage of the population. Being patient with your investment will be your best tool for making a profit off of your property.
- Land Buyers and Home Buyers are different - Generally, home buyers are looking for move-in-ready, renovated bathrooms, granite counter tops, and a beautiful yard. Land buyers are typically investors, land developers, or folks looking for a place to build their dream home.
All that being said, lot and land markets continue to heat up across the country. So don’t be discouraged--People successfully sell lots and land every day!