Land is a valuable asset that has the ability to rapidly appreciate in areas where supply is limited. However, choosing the right time to sell your land can be a difficult decision, and there are numerous factors to consider. Additionally, selling land is a lot different than selling a residential property, as it requires special expertise and experience, especially if you’re hoping to get the best return.
This is where land specialists can play an important role. Land specialists can not only help you determine if it’s the right time to sell, but they can also help support the entire sales process. Below, we’ll walk through some common things to consider before putting your land on the market, and we’ll share a few ways a qualified land specialist can help support your land sale.
Is It The Right Time To Sell My Land?
The decision to sell land ultimately comes down to a number of economic and personal factors. However, if you’re looking to get the best price, here are three things to consider.
- The Current State Of The Market
The current state of the market should play a fairly significant role in your decision to sell your land. Selling during a hot market is likely to earn you a much better return. Despite rising interest rates, the real estate market and the land market both remain hot. There is still a high demand for new home construction following delays and supply chain issues from the pandemic. While interest rates are nearly twice what they were a year ago, many buyers and builders are still eager to make a purchase before rates rise even further. - The Area And Growth Potential
When deciding if it’s the right time to sell your land, consider the short-term future of the area as well as the general potential for growth. In 5 years, is the area expected to grow in terms of business, development, and population? If so, then chances are the value of your land will increase as well, and it might be worth hanging on to your lot for a little while longer. On the flip side, if the area is on the decline, it might be a good time to sell. - The Time Of Year
Much like the housing market, the land market is very cyclical. Demand is highest in the summer, but so is competition. Inventory is low in the winter, but so is buyer interest. Selling land in spring or fall allows you to promote the seasonal beauty of the land. There are benefits and disadvantages to selling in each season, so make sure to consider them when deciding on the right time to sell.
How A Land Specialist Can Help
Selling land is a complex process that requires you to act quickly, negotiate terms, and understand real estate laws and zoning regulations. As a result, selling land on your own can be quite a challenge. Here are a few ways a land specialist can help support your land scale and earn you the best price:
- Land Specialists Can Help Your Land Sell Faster
Selling land can take a lot longer than selling a home because the market for land is much smaller. However, working with a land specialist can actually help speed up the process. A land specialist can promote your listing through the MLS website as well as other popular real estate websites. Listing specialists may already know people in the market for land and can make connections that lead to speedy sales. - Land Specialists Can Negotiate A Good Deal
A land sale is a big transaction with lots of moving pieces. If you haven’t done it before, it’s easy to miss important details. Being able to negotiate is the key to landing the best price. Land specialists can arm you with the information needed to make the right decisions and can negotiate the final price, contingencies, and offer terms on your behalf. - Land Specialists Know The Area
Working with a local land specialist gives you a big advantage because they know the area. They’re aware of local growth and economic trends, they know the market, and they have data on recent land sales. As a result, they have all the skills and information needed to help make your sale a success.
If you’re looking to sell land in Volusia County, contact Palmetto Realty today. We have deep expertise and years of experience in land sales, and our team is more than capable of helping you earn the best price.