Thinking about selling a property? Maybe you’ve recently inherited land, but have too much on your plate to tend to it. Or perhaps you’ve owned your land for years and are looking to profit from your hard work and upkeep. Regardless of how much time or energy you’ve put into your property, everyone wants to come out ahead when selling land.
So what can be done to ensure your land fetches its true value when it goes on the market? Many overlook how a listing’s timing can influence the final sales price.
Dow Land has experience purchasing land all over the country. Whether you choose to time your sale based on the season or market conditions, we know what it takes to ensure that your land receives offers that reflect its actual value.
Do you want more money in your pocket after closing? Read on for key considerations to keep in mind when timing the sale of your property for maximum profit.
Factor 1: Location
Are you on the east coast, the west coast, or somewhere in between? Your location will play a large part in determining when you should sell.
Because different areas experience varying demand for property, timing your sale may be less important in areas where demand is higher, such as urban settings with high populations.
By contrast, landowners in more rural areas may benefit from timing property sales around factors such as the local tourist season. Rural areas tend to have fewer visitors, so selling when traffic is high tends to provide exposure to a broader base of buyers.
Considering whether or not your property will be in high demand is critical in determining if you need to worry about timing your sale to maximize profit. If you’ve considered your location and decided that timing the sale is necessary, you’ll want to consider the following factors.
Factor 2: Season
A lot of data reinforces the idea that late spring is the best time to sell land, but this also depends heavily on your location. If the climate during late spring is less than ideal potential buyers won’t see your property for its full potential, making it harder to sell.
Try to take full advantage of nature’s beauty by listing your land at the time of year when the climate is most temperate.
Nationally, most areas experience excellent weather during early May. This is when interested parties are most likely to view your property.
Because not all areas share identical climates, it’s important to conduct local market research to determine the best time to sell land in your area.
Also, consider your reason for selling. Do you need to sell your property quickly? If so, you may want to time your sale differently than someone selling for profit. For example, homes sell fastest in March, but they sell for higher prices in April.
Understanding annual weather patterns and local supply and demand trends are critical in determining the best time to sell in your area. These factors let landowners get more exposure and time land sales more appropriately to sell their land for a higher price.
Factor 3: Market Conditions
Accounting for the season will only help sell land if sufficient demand exists in your area. You’ll also need to understand how to accurately assess your local real estate market. Fortunately, you don’t need a background in economics to do so. Several simple indicators can help you evaluate whether or not the best time to sell land is now.
Increased Development & Gentrification
Have you noticed more local construction in recent months? When investors hone in on one particular area, there is often a noticeable uptick in development projects throughout the area. If it becomes apparent that old properties or commercial buildings are quickly being purchased for construction or renovation, it’s a strong sign that now may be a great time to sell.
Rising Pricing For Similar Properties
Zillow is an excellent tool for keeping track of a property’s perceived value. The best time to sell land is when other local property values are rising. This may happen due to increasing rates of local tourism, broader market trends, or other influences that influence real estate values.
General Consumer Sentiment
Has everyone in your social circle (and beyond) been hesitant to spend? When people are less interested in spending money, your land won’t receive the offers it deserves. Keeping track of general consumer spending habits can help to identify the best time to sell any particular lot.
Staying current on these three trends makes it easier to sell land during periods of high demand since this is when real estate tends to be the most profitable.
The Best Time To Sell Land May Be Now
Depending on your location, the best time to sell your land may be now. When determining whether or not to list property today, use the guidelines above to make an informed decision while keeping in mind that the nuances of your situation may call for different actions.
Dow Land is here to buy your land whenever you decide the time is right. Contact us today to request an offer with no obligation to sell!