Why Buy Land Now?

Part 2 from yesterday’s “State of the Land Market” post discusses the “buyer’s market” that’s currently in place, and some tips on how sellers can accommodate buyers to make sure their land/property sells. Again, this is from an article written by Robert King.

What are buyers looking for in today’s market?

Buyers are looking for a deal.  Buyers are willing to turn over more rocks, and pass up opportunities if they don’t perceive it as a great opportunity.  Buyers are looking for sellers that are willing to work with them in the process of purchasing property.  Buyers are looking for properties where the seller and the seller’s agent have taken all of the guesswork out of the decision making process.  Buyer’s are looking for properties that meet their needs, are priced reasonably, are surveyed, and are good investments.  Any type of property will still sell in today’s market if it meets the buyer’s demands.

What can sellers do to increase their chances of putting their property on the SOLD list?

Sellers can meet the buyer’s demands.  Today’s market is a buyer’s market.  The buyer is in control of most transactions.  The seller should go ahead and take care of the things that the buyer is demanding.  When the seller does that, the property will sell.  Buyers do not care how long a property has been on the market if it fits what they are looking for and they are provided with enough information to make a buying decision.  In today’s market the seller should:

1.  Ask a reasonable listing price – unreasonable pricing gets few, if any lookers.

2.  Have the property surveyed if there is not a current survey.

3.  Take care of any issues that affect ownership or use of the property.  If the driveway to the property crosses another landowner, and you have a simple gentleman’s agreement with that landowner, you should get that agreement in writing at the least.  Most buyers would rather have a deeded easement to use the land for access.  Think about it from the buyer’s perspective.  The buyer does not know the landowner the way that you do.  What if he decides that he will no longer allow access through his property?

4.  If there are any issues that you cannot clear up, be up front and honest about the issue AND price the property accordingly.

5.  Sellers should be proactive, and educated about the market.  The buyer is.

6.  Make the property accessible.  Buyers will not buy something that they cannot see.  You might know the creek at the back of the property is beautiful, but if the buyer cannot get there, it might as well not exist.  Opening up timberland properties with 4×4 roads, view spots, and wildlife plots is a great place to start.

7.  CLEAN UP!…Rural properties tend to have junk piles.  Clean them up.  Buyers do not want your junk.  They have their own.  Junkiness around and on a property is a huge turn-off for buyers.  I see many sellers loose interest in the properties they are trying to sell and let things like mowing and simple upkeep go.  This is the time when you should keep it looking its best.

8.  If your property is not getting any lookers, it is priced too high!