Owning land is typically a good investment for most people because it rarely loses its value. But after a somewhat crazy year, you might be considering selling your land for one reason or another. The good news is that now could be a great time for DeLand area landowners to sell. Take a moment and check out these five reasons why you should consider selling land now.
Reason #1 – The Demand for Land is Back
Let’s face it; the past year has been a time like no other in recent history. COVID-19 basically brought so many things to a grinding stop, including the real estate, building, and travel industries. Consumer confidence was at an all-time low as people were hesitant to spend money or make investments because no one knew what could be next. But all that is changing now, and the demand for land is back as land buyers are ready to make up for the lost time.
As everything has opened back up, the real estate market has been on the rebound with greater demand than usual for new homes and land sale purchases. Less congested areas, like the DeLand and Volusia County areas, are extremely attractive to potential land buyers looking to escape city life, especially if they are part of the growing trend of working remotely. As more people join the remote workforce, the exodus from city life is expected to continue, and more will be seeking wide-open spaces.
Reason #2 – Higher Prices Because of Low Inventory
This is an unprecedented time in the real estate world. Prices for homes and land are skyrocketing as the number of properties available is very low. When inventory is low, land sellers can expect to receive top dollar for their properties. This is good news because of the previously held worries that the COVID pandemic would decimate the real estate market and drive land values down with it. Asking prices are much higher now than they were pre-pandemic.
With a lack of new homes on the market, buyers are taking a closer look at buying land to build their dream homes. They also have no plans to be selling their homes in the near future either. Therefore, this also continues the low inventory trend, thus pushing the prices higher for land, making it one of the best times in history for selling land.
Reason #3 – Buyers Needs Have Changed
People, especially those living in highly-populated cities, have spent over a year cooped up in their homes. Many have been working remotely and were not able to go anywhere during shutdowns. This has caused many people to rethink their living situations and realize that they are not happy with their current home or locale. People are craving to be outdoors and to have room to roam, and what better place to do that than Florida, where it’s sunny and warm year-round.
But what has also changed is how buyers are searching for a property to buy, which is in the comfort of their own homes. Today, most potential buyers begin their land searches online before deciding to travel and visit properties in person. Therefore, if you are selling land, the best way to get online exposure to buyers is by listing it with a realtor who will list it online for you.
Reason #4 – Loan Interest Rates Are Historically Low
Right now, loan interest rates for land loans and mortgages are at a historic low. It is not a question of if the rates will go back up, but when. The race is on to purchase properties before the rates go back up. Once things begin to normalize, so will interest rates, which typically work in cycles. Rates fall but go back up again before falling again. The question is how long it will take for them to fall again once they go back up. Buying land right now while interests are lower could potentially save you thousands of dollars over the life of your loan.
Reason #5 – Fall and Winter Are Coming
While home sales tend to explode over the spring and summer months, land sales tend to go up during the fall and winter. Warmer and coastal areas, like Florida, can expect to see a rise in the demand for land during these months. This time of year also makes it easier for potential buyers to tour prospective properties in person because there is less worry about dealing with the heat and humidity that our state is known for.
With fall just a few short months away, there is no better time to start thinking about selling land and reaping the benefits of current market conditions. Our experienced, knowledgeable real estate agents can help you sell your land now! Contact us to get started today!