Thinking about selling land? You might be surprised to learn that selling land is not like selling a house. In this blog post, you’ll read about why selling land is different than selling your house in Arizona…
When you own a property, you might not give a lot of thought to whether it has a house on it or if it’s just raw land. However, there are differences and they can affect the sales process. Here are 4 reasons why selling land is different than selling your house in Arizona.
4 Reasons Why Selling Land Is Different Than Selling Your House In Arizona
#1. You’ll Need A Geological Survey
Selling a house is really about selling the structure; but selling land is more involved because the buyer might want to buy the land for development, farming, mining, recreation, or some other purpose. So, when selling land, you’ll probably need to provide the buyer with geological data, perhaps including soil samples, water samples, grading, and landscaping, etc. A survey will help the buyer understand the make-up of the property so they can determine if the property meets their needs.
#2. You Can Skip The Structure Inspection
When selling a house, the focus is on how good the structure is and whether or not it will continue to be a safe structure for its users. So, if you’re selling a house, the focus is on fire and flood potential, upgrades, risks like mold or termites, etc. But when you’re selling land, these factors don’t matter.
#3. You’ll Need To Identify The Development Potential
The secret to selling a house is to get people to see themselves living there; A home has a kitchen, bathrooms and a façade that can be visual and photogenic. Buyers can easily visualize themselves in – and fall in love with – the built home. It’s just not the same for vacant residential lots and land. The secret to selling land is to get people to see the development potential of the land in the future. For example, you might want to tell buyers about how the city is growing toward the empty land, so it will be perfect to develop a new community someday, or you might show the potential buyer a geological sample that proves the land is ideal for farming.
#4. Market For Land Is Less Active
The housing market is almost always more active than the market for raw land. There simply are fewer numbers of buyers for vacant land than consumers looking for homes. Start listing a new home and a new lot when both are desirable and priced well, and you generally can expect fewer contacts about the new lot listing. And selling a lot or vacant land typically will take longer than a house. You have to be patient.
#5. It’s A Different Type Of Buyer
When selling a house to someone, you’re usually talking to a “retail buyer” – that is, someone who is thinking about buying a home that they can live in. But when selling land to someone, it’s a very different kind of buyer – if you’re selling the land for recreation then it’s a retail buyer who wants to enjoy some wide open spaces; if you’re selling the land for development potential then it’s an investor who is thinking of buying the land because they can make money from it. When you know who you are selling to, it becomes much easier to tell the right people about the potential of the property.
Do you have land you want to sell in Arizona? If you’re thinking of selling and if you’re wondering why selling land is different than selling your house in Arizona, then you might like this: we are currently buying land and would like to make you an offer for your land.