Selling Your Land Lot
We have all heard the age old saying that if you price your house correctly, you can sell it in no time. Even in a bad market, homes priced at the fair market value will not last. But what about land? Land is a horse of a different color when it comes to real estate.
Land is unique because there are many different types. You can have farm land, residential lots, acreage, commercial bulk lots, lots that don’t perk, lots that have funky setbacks and can’t be built on, the list goes on and on. But the biggest thing that makes land unique when selling? A limited amount of buyers. Not everyone wants to buy a lot and even fewer want to build on one. Does that mean that chunk of land you have been sitting on will never sell? Of course not. Land does sell in Brunswick County, it just takes a bit of patience and waiting for the right buyer. To give you an example of how long a lot can be expected to sit on the market, I have pulled the sold data from the Brunswick County Association of REALTORS® Multiple Listing Service (MLS) for 2005 through 2015. This data is for every land lot that has been marked as “sold” from 2005 through 2015 that is located in the following cities and towns: Calabash, Carolina Shores, Holden Beach, Ocean Isle Beach, Shallotte, Sunset Beach and Supply. This data shows the number of lots sold each year, the average asking price, average sold price, average days on the market, and average asking-to-sold-price ratio.
Brunswick County Land Historical Sold Data
|Year||# Lots Sold||Average Asking Price||Average Sold Price||Average Days on Market||Average Asking/Sold Price Ratio|
As a broad overview of the cities and towns known as Calabash, Carolina Shores, Holden Beach, Ocean Isle Beach, Shallotte, Sunset Beach and Supply, we can see that on average you can expect your land lot to sit on the active market for over 300 days. In certain areas, you could find yourself waiting almost 2 years for the right buyer.
That being said, there are ways to attract more buyers to your land other than price. Making sure your lot is connected to or is ready to connect to any public utilities, or has a septic tank and/or well in place or holding current permits to add those helps. Have a current survey done with all setbacks and easements marked helps a buyer know what they can build. Even clearing your land of excess trees and undergrowth can help. The buyer will see all these things as extra costs they will have to pay when they are not done.
Additionally, having a REALTOR® who knows the uniqueness of selling land helps. At Laura Hewett Realty, we have a list of builders and developers we send our land listings to when they are listed as well as on a regular basis. We advertise your land on websites geared toward land buyers. We regularly send area real estate agents your land listing in the event they have an interested buyer. And this is in addition to our regular listing marketing. Our goal is to get your land sold as soon as possible.
By knowing how long you may be waiting on a buyer, how much of your asking price you can realistically expect to receive on an offer, and even what your REALTOR® is doing to market your property, you can sell your land lot without worry. Request your free market analysis from Laura Hewett on your land today.