With the price of land rising 2% and the sale of land increasing 3% in 2020, you may be wondering if you should sell your land as well.
If you do decide it is time to sell then acting quickly to get the best price is essential. That also means that setting the right price is a necessary part of getting your land sold.
Read on to see how you can answer the question, “how to sell my land fast.”
1. Get More Than Appraisal
Even if you want to know how do I sell my land by owner you still need assistance with price setting. Land prices vary depending on the size, boundaries, access to roads, and topography.
With this in mind, having several professionals assess your land will give you a rough estimate of its value. One appraiser may find something that another one doesn’t, especially if your land is large and rural.
2. Understand Your Land’s Potential
As a land seller, it is your job to market your property to potential buyers. Do some work for them by understanding the potential of your land.
Are there building permits necessary? Can it be used commercially, residentially, or as farmland? These answers will help you find serious buyers.
Another element of selling land is revealing its risk factors. Find out if it is prone to flooding or if there are zoning issues. Will roads be built if there are non?
Speak to the county’s Building and Planning department for a complete report of your land.
3. Compare to State Acreage Average
Selling land rather than selling a house is quite different. The base price of land is solely dependent on acreage. You can use this information to calculate a rough estimate of your land based on your state’s average.
4. Location Matters
It is not just the average price per acre in your state that matters. When you sell land the location also depends on your geographic neighborhood. Your city, town, and place within each affect how much sellers are willing to pay.
Proximity to major cities, shopping areas, and access to recreation will also matter. In addition, the natural landscape may also be a selling point if you have an ocean, lake, or mountain view, your buyers will be more willing to pay extra.
5. Check the Market
If you are thinking to yourself “when should I sell my land?” the answer will depend on the market fluctuation. You want to choose a time when it is a seller’s market.
Check the housing and land for sale market to see when demand is high and supply is low. People will pay more money when they have fewer options, which also means you will sell land fast in this type of market.
The Best Way to Sell My Land Fast
Now that you know how to set a price to sell my land fast next you need to get it on the market. Working with a real estate agent is the safest way to list your property without having to do any promoting yourself. If you do want to sell it yourself then get on free property listing sites and write a proper description with photos of the land.
For more tips on how to sell your land visit our real estate section.