Want to Sell Your Land in a Down Market? Follow These 3 Easy Steps

How many of these signs have you seen lately??

In a down market you have to be creative and flexible in order to sell your land quickly.  Here are 3 ideas to consider:

1.  Offer no downpayment financing.  In the current regulatory environment, many buyers are unable to obtain bank financing and may have limited funds for a downpayment.  In most cases they can afford the monthly payments.  In those cases, sellers can offer no downpayment or low downpayment financing.  Sellers can charge an above-market interest rate and enjoy the steady stream of income without the ongoing costs of ownership.

2.  For sale by owner. Sometimes it makes sense for the landowner to market the property by contacting potential buyers directly.  Talk to the neighboring property owners to see if they have interest in your land or if they know people who are looking to buy land.  Often, the neighbors have a vested interest in knowing who is going to buy adjacent land.  Also, contact builders and developers–many times they are in the market for future development land.

3.  Pay higher commission.  In a down market it often makes sense to list the property with a Realtor who specializes in land sales.   To get quick results, be prepared to offer an above-market commission.  This will induce the agent to devote additional time and resources to selling your land.

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