The amount of time it takes to sell land depends on various factors, ranging from the geographic region to the property’s condition. It can take up to several months, or a contract can be drawn up in a matter of weeks. The quickest dealings are the ones in which neighbors are involved. People next to your land might be the most interested in buying the land as it is right beside them and results in extending their property.
In today’s blog post, we will be going over the time duration that a parcel of land usually takes to be sold and the factors contributing to deciding this period. The following elements play a crucial role in deciding how long it will take to sell land.
Making A Decision
Selling property is more complicated than it looks. Therefore, you need to be fully convinced that you want to sell the land before deciding to proceed. This decision is super easy for some people as they believe they no longer need the property or they need the funds from the sale. For others, this can be tough depending upon the state of the market or the issues in finding a replacement property in place of the one being sold.
If you are not undecided about selling your property, take the time to review your situation before moving forward. People talk of buyers remorse frequently, but sellers remorse exists as well.
Selecting A Property Agent
The people you hire to help you sell your land also significantly impact the time that your plot will take to be sold. If you hire an estate agent whose network is set in the locality of the neighborhood your land is in, the agent will be able to target potential buyers. This is because he will already have a lot of active buyers on his radar, and he will introduce your property to them.
However, if you choose an agent that is not from the same locality, it will take them longer and require advertising tools to locate a pool of potential buyers. Choosing a property agent familiar with your geographic area helps improve the chances of selling your property quickly.
How Do You Plan on Selling?
The method of sale that you will be opting for will also have a substantial influence on the length of time it will take to sell your land. There are essentially two ways to sell your land. Land can be sold at a public auction or through a private contract. Each has merit, and potential concerts, so make sure you understand the process for both options.
In public auctioning, the buying participants feel a sense of urgency as a closing date has been set beforehand. The auctioning usually continues for a month or more and allows your agent to interact with multiple parties to see which one will be best suited as a buyer. The date of the auction campaign acts as sort of a deadline for buyers that it is time for them to start showing their interest and bidding.
A private contract is the method of sale that requires you to settle on a fixed price or price range with your agent. This method has very variable periods of the land being sold. After analyzing your property and deciding on a price and marketing strategy, your property is advertised for sale on the open market.
Once your property is listed as for sale, buyers will start negotiating. This method can take longer than the auctioning process as the buyers do not feel the urgency to draw up a contract. In selling through a private contract, there is a lot of room for discussions, such as final price, terms, and conditions.
Whichever method you choose, your property agent will be the link between both parties. It will be his job to keep you informed about the buyer’s interest rate in your property.
A property broker will help you understand your land’s value and take the various features of the land into account when deciding on a list price. A reasonably priced plot is more likely to see fewer days on the market. Your agent should not only match it up with the prices of similar lands but specifically of those plots that have been sold.No two pieces of land are the same so tailoring the price rag of the land is not only possible but also necessary.
Advertising Your Land
A vital component of the sale of your land and how long it takes will depend on the advertising tools used. Advertising usually takes a multi-faceted approach. Whether you are using a real estate agent or selling the land yourself, some options include:
- Putting up signs on the property and in other locations that will attract local buyers
- Utilizing the power of social media and listing your property in various groups designed for advertising land for sale
- Buying an ad in a local newspaper
- A real estate agent will have their resources for advertising your land
Whatever tools you utilize, the more people you reach, the better the odds of finding a buyer quickly. Poor advertising is a guaranteed way to slow down the process. When deciding on how and where to advertise, do not be afraid to think outside the box and look for local opportunities and word of mouth to let everyone know your property is for sale.