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Selling Vacant Land

Carrie

26 January 2009

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Do you own quite a bit of land? Are you not sure how open acreage will appeal to buyers? With the help of Buy Owner®, you will be able to devise the best marketing strategy for selling your vacant lot.

Give buyers ideas

 Build a dream home
 In addition to a home, build stables and pole barns
 Build commercial property
 Farm for profit

Pricing for buyers to build homes

The value of the land should be one-third the value of the home that could be constructed on it. However, for pricing, you must also consider the value of surrounding properties. If you own the largest lot in the community, you could price the lot a bit higher than nearby acreages. However, if your neighborhood is made up of mostly $500K homes, buyers are less likely to purchase your slightly more expensive land to build a one million dollar home. What should you do now? Play up the newness factor. Buyers are going to be able to build their dream home… from the ground up!

Another point to consider is the septic/sewer issue. This determines the number of bedrooms that can be built into a given home. If the house will be run on a sewer, you have no worries. However, if your property is on a septic tank, a newly constructed home may only be allowed one to two bedrooms, thereby driving the price of the land down.

Splitting lots/Zoning potential

Splitting may be an option, if a parcel fits within the City and Council guidelines. But keep in mind… splitting takes time and costs money. However, you could end up turning over a better profit once you sell all of your vacant land. Learn more about zoning from this Buy Owner Blog post!

Use Buy Owner

How should you advertise your vacant land? You could list the property on a local MLS with an agent. However, although most MLS systems allow vacant land to be posted, buyers are only able to search for residential housing and, of course, they are only able to search with an agent. Through Buy Owner, buyers have direct access to every single listing of vacant land. When they do an advanced search, potential buyers must choose a type of property from a drop-down menu, and Buy Owner includes vacant lands in that menu.