If you are considering selling your lot, located within a neighborhood or community, there are some things you need to consider that will make this endeavor more successful. A customer recently shared with me some valuable information regarding his experience with selling a residential lot. This information along with what I already know prompted me to share this knowledge with you.
The reality of selling a residential lot
Residential lots typically take longer to sell than a home. More people are looking to buy a move-in-ready home rather than an empty lot. People looking for lots usually consist of investors, home-builders, and individuals searching for specific requirements to fit their needs. The latter of the buyers may have a difficult time visualizing the end result and instead see a densely wooded grouping of trees and underbrush. Investors and home-builders are looking for inexpensive lots to make a profit. So with all of this in mind, what do you need to do to sell your lot?
Tips to selling your residential lot
- First impressions make a difference – This also applies with an empty lot. Clean up the lot by picking up any trash and mowing the grass, also consider clearing underbrush and then taking some great pictures. The above mentioned customer had his 2 acre lot listed for sale for a long period of time. He did nothing to the lot other than hire a realtor to put a for sale sign in the yard and list the home in an MLS database. Months passed and he decided to hire someone to clear the underbrush in the middle of the property, the ideal place for a home site. He paid a little over $700. Potential buyers were now able to really see the beauty of the property and had an easier time visualizing the perfect location to build their dream home. The lot suddenly received the attention of potential buyers and quickly sold with a nice profit for the seller.
- Get a survey – Lot lines and corners will be clearly marked for potential buyers to see the border lines of the property. Spray paint around these markers just in case they are moved. A survey will also indicate if a neighbor has placed a fence or structure over the property line. You will want to get any issues cleared up prior to listing the lot.
- The price is right. To correctly price a property you will need to know the market area and the prices of recently sold lots. An experienced real estate agent will have access to this information and an understanding of the market to assist you in pricing the property.
For more great tips to selling a lot check out this article
If you are looking to buy or sell a home in the Lake Conroe or surrounding areas or looking for a realtor in any other location drop me an email.