Selling a piece of land sometimes can be difficult, but it does not have to be impossible to sell in the market. Actually, it can be really easy to sell if the pricing is done correctly.
In many cases, landowners can have their land float in the market without getting the buyer for a long period. In most cases, it is often caused by mispricing by the sellers either knowingly or unknowingly of its implications.
Proper pricing of land often results in buyers making their offer within a few days of listing the property. You may be wondering about how to price land in your area. Land valuation is something that is not easy and a lot of factors have to be taken into consideration. If it was easy, real estate agents couldn’t be there.According to Reuben Kimani of Username Investment Limited, he recommends land sellers seek the assistance of a real estate agent to assist them to value their land for easier sale in the market.
He further warns that if land sellers don’t do a proper comparative market analysis to determine the true market value of land, they will have their capital tied up for a longer period. Land valuation ensures proper pricing and quicker sale of the property in the market. Below are some of the mistakes land sellers make when pricing and how to avoid them.
Pricing land to leave room for Negotiation
Most land sellers believe that they can price higher than the market value so that they can allow room for negotiations. This is often a mistake that most sellers make when they are trying to sell the property by themselves. With much information on the internet, most consumers tend to seek information about properties before they approach the seller. Consumers won't waste time approaching you if you have overpriced your land.
So, you will be left with nothing to negotiate in the first place. Doing proper land valuation for best pricing will make your sale happen faster than you expected.
Pricing Land with a Real Estate agent that offers the highest price list
In every area, there are real estate agents who deal with valuation, listing, and all related real estate services. Some real estate agents are known for their great services, others are good in their services and some are not just terrible in delivering their services. Some real estate agents who offer to list tend to have higher prices than actual prices without actually backing off the prices. When you have your land listed there for selling, you will have a prolonged period of land. Ensure that your property listed should represent true market value to avoid common mistakes.
Failing to do Comparative market analysis for your land
Doing Comparative analysis for your land is a very important step when you are intending to sell your property. Oftentimes, land sellers don’t want to spend a few dollars to get their land valued for easier sales in the market. Mispriced land for sale is often caused by failure to follow the right steps of selling land. Hire a professional real estate agent to help you get the right price.
Pricing high because the seller has time
This uncommon practice where the seller claims that because they are busy and are not in a hurry of selling the property, they can then overpriced it. When they do this, it means they will have the land listed in the market for a long period. Bottom line, for faster sale of your land, ensure you have done a comparative market analysis to determine the true market value of the land you intend to sell in your local area.
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