Have you listed your land for sale for months and months without having anyone put an offer forward?
Maybe it is time to do some price changes or the general curb appeal of the land for faster sales in the market.
Although the duration for selling land varies depending on the location, the average period a land should take when listed in the market is 90 days. The longer the land takes in the market, it will create a “stigma” and often make prices to be lowered in the long run. It is taken in real estate as a negative signal about the land.
“Land needs to be properly priced for faster sales,” says Reuben Kimani, CEO, Username Investment Limited. He has been in real estate for almost a decade selling plots in Nairobi.
We have compiled possible reasons that slow the land selling from our real estate experts in that market.
Priced Too high
“If the land you are selling does not sell within few days of listing on a trusted Real estate website, then it could be that the land is not developed or the asking price is just too ambitious and often it is the price which is high,” Reuben added.
Even though pricing can be too tough as a lot of variables are being taken into consideration, experienced real estate professionals can easily do the pricing by comparing prices within the area.
Comparative Market analysis has to be done to ensure that your pricing is within the market price.
Even though resisting overprice can be hard, it is the only option to ensure that your land gets buyers immediately.
Your Topography and Neighborhood are not good
Even though you can have very little influence on your neighborhood, you have influence over price. Development within your neighborhood positively influences the buyer’s offers.
You have limited options in this scenario where the topography is involved. One of the things you can do is to work on the landscape of the land so that the facade is improved. If the land is big enough you can consider developing by connecting with electricity, water, connecting with a sewer system, and perhaps making the land easily accessible by grading the road.
Your listing Photos and videos aren’t professional appealing
Photos and Videos that you post online have to be of high resolution. When you use low-quality images on your listing, people will not be able to see the real picture of the property through visuals. Visual appeal has to be top-notch.
Whenever you check on the land sellers who have their lands listed but not yet sell for months, they often have poor images and don’t give clear pictures to consumers.
A real estate company that is using quality images when it comes to listing new properties for sale, tends to sell faster.
You are getting advice from a non-professional real estate agent
Before considering selling your land, it is advisable to hire a real estate agent who understands the market better and knows how to value the land. This will minimize the probability of you down-pricing your land to sell.
In conclusion, a concerned seller should always seek the guidance of a professional real estate agent who will do a comparative market analysis and correctly price your land. This will not only sell your land faster but also protect you from reducing prices in the future below market value because of the “stigma” caused by staying too long in the market.
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