If you’re in the land market, you’ve probably noticed that finding a piece that appeals to you can be challenging. It is especially true if you’re looking for undeveloped land.
There’s much to consider when pricing land, from access and zoning to legal issues. It’s essential to do your research and consult specialists before making a purchase decision.
It’s a Good Idea
The price you choose for your land should have more info, whether you plan to sell it privately or through a real estate brokerage. Make sure you set the land’s price based on what you want rather than what another party could demand. That’s why it’s a good idea to think about what kind of buyer you’re targeting, says Maurice “Moe” Veissi, president-elect of the National Association of Realtors. For instance, if most of the land in your area is bought by people who want to build their dream homes or create a sports complex, make that clear in your advertising. It will help you attract the kind of buyers who are most interested in your property.
It’s a Bad Idea
When pricing land, you need to be aware of the big picture. That means calculating how much acreage you have to sell, knowing what you want to do with it, and weighing that against the price point you can afford. You’ll also need to consider whether a multi-part transaction is a better value than selling a large parcel of land as one unit. As with most real estate purchases, a good local realtor can help you make informed decisions about the best way to approach a land sale. The right agent will also be able to point you in the direction of the most reputable ad agencies to promote your property and assist you in making the most of it.
It’s a Good Idea for Certain Types of Land
Pricing land is different than pricing a home. You’ll need to price the land based on a few factors, including what you want to do with it and how much similar land has sold in your area.
You’ll also need to consider the land’s access to roads, whether it’s accessible via public or private routes. If not, it may need help getting utilities like water and sewer connections, which can add to significant construction costs.
It’s essential to keep all of these issues in mind when you’re pricing land privately. It will help you find the best deal for your property. And, if you’re planning on selling your land to multiple buyers, you’ll be able to maximize your profits. So, consider how you will market your land before deciding to price it privately. If you take this action, you can be sure that your home will sell for the right price and attract qualified buyers.
It’s a Bad Idea for Certain Types of Buyers
Although pricing land privately might be a quick and easy way to sell, you must be careful how you go about it. You’ll want to do some research and comparison shopping before selling your land this way. It includes assessing whether or not the land you’re looking at is in a growing market. It will assist you in choosing the right bid price.
Consider advertising your land as a unique opportunity, such as a rare property available for the first time. It could be a terrific strategy to draw in more qualified customers looking for their piece of land. Finally, you should provide some owner financing to attract a suitable buyer. This deal might even generate an unexpected profit while increasing interest in your property.