Often clients ask me how long does it take to sell my land? I looked over 5 years of my transactions and the average “days on market” was 7.5 months. Obviously the economy is incrementally improving and we are seeing days on market decrease. Recently, I listed two properties and they were under contract in a week or less! These quick sales are generally to the neighbors.
Selling Land (or any Real Estate) comes down to two factors:
- Marketing – If the property is being properly advertised using the right websites, MLSs, signs etc it will reduce the ‘Days on Market’
- Price – If the property has been priced correctly by a land broker, it will reduce the days on market. The land broker will not only look at other properties on the market but more importantly do an exhaustive search for ‘sold’ properties. This exercise actually gives a better snap shot of comparative prices. No two tracts of land are the same so adjustments must be made for the amount of timber, aesthetics, road frontage and access and other improvements.
Obviously the time on the market can be reduce with competitive pricing. It is often hard to break the news to the seller that what they paid for the land has no bearing on sales price. Moving forward, we are likely to see ‘Days on Market’ decrease to 4 – 6 months. If you are contemplating selling your land, it pays to hire the most knowledgeable in the field and I recommend using an Accredited Land Consultant. If you have questions or would like to know more, contact me. I love to help people buy and sell LAND.
G. Kent Morris, RF, ALC
Accredited Land Consultant
Associate Broker, Bickerstaff Parham Land LLC