Finding the right person to buy your land in Charleston can be difficult. The market simply isn’t as large as it is for single-family homes. In our latest post, we offer some tips to sell your land fast!
Selling your Charleston land can be much different than selling a Charleston home. You will need to get the property in front of the right people at the right time. You cannot expect to use the same advertising strategy as you would for a single family home. You’ll need to cast a much different net! We will provide you with a few things to consider below!
Who Are Your Buyers?
With a residential property, buyers can be found in all sorts of places. Land sales are a bit different. You have to ask yourself, who is actively in the market to buy Charleston land? In most cases, the biggest buyers of Charleston land are developers, investors, home builders and future homeowners. Marketing to each can be a little different. Investors will want to know the numbers while future homeowners will care more about the location and physical attributes of the land. Networking at local real estate and business events can help you establish the connections you need to get your land in front of the right people.
Compare Listing With A Direct Sale
Take a look at what is currently listed on the MLS. Are there many properties available? How long have they been on the market? This will help you better gauge what your land could potentially sell for. You will need to factor in marketing costs as well as commissions should you choose to work with a broker. You can also choose to sell your land to a professional investor such as South Carolina Homes. When you sell directly, you will receive a great price for your land right away. This saves you a ton of time if you are trying to put your cash elsewhere.
Ask The Neighbors
If you don’t already know, find out who owns the land on either side of your parcel. Approach them directly to see if they have any interest in expanding their property. Often times property owners will love the opportunity to have a larger yard. They could even choose to build on the land, creating a house for a family member! No matter who you are trying t sell to, help them use their imaginations about the potential of the land.
Don’t Work With An Agent Who Specializes in Homes
If you do choose to hire an agent to help you sell your land, make sure land is their specialty. Land agents will likely have a larger network of potential buyers at their disposal. They will often work with investors who repeatedly utilize their services in finding land deals. They will likely have more knowledge about development and environmental impacts affecting land values.
Beautify And Photograph Well
Just as the visual aspects of a residential property are important when selling, so are the visual aspects of your land. When photographing the lot, hire a pro to capture the land with a drone or wide-angle lens. Ask them to implore techniques to help your property stand out from the others on the market. Make sure photos are taken with good lighting on a sunny day. If it is cloudy or raining, wait until things clear up before taking the photo. If the lot is overgrown, you will want to have professional landscapers come in to clear things back. Make sure the land is cleared of all trash and debris from previous structures. Some landowners will even go so far as to sprinkle wildflowers on the lot to increase its aesthetic appeal to people driving by.
Are you ready to sell a property in Charleston? We can help! Send us a message or give us a call today! (843) 881-7171
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Do you know the value of your land in Charleston? It might not be worth what you think it is! There are many potential factors that can increase or decrease the value. Learn more about the proper ways to value your Charleston land in our latest post!
If you have ever tried to accurately pinpoint the value of a piece of land, you know that it can be a difficult process! There are many things that will impact the value of your land that aren’t always found with the purchase of a single family home. When buying or selling land in Charleston, make sure you are working with land experts such as Charleston Property Solutions, LLC, who can help you determine the value of your land in Charleston or the nearby area!
Standard Valuation Approaches
Income, cost, and recent sales approaches don’t usually apply to land the same way they do to residential and commercial properties. The income approach would look at how much income a piece of property can bring in. This isn’t typically applicable when talking about land. The cost approach looks at how much it would cost to rebuild. Again, not applicable here. And to look at recent sales may not be the best approach either. The land market is very small compared to the housing market. Sometimes lots are sold in bulk, acquired by investors at wholesale prices. Sometimes someone pays a fortune for a lot simply because of sentimental attachment. These kinds of situations greatly impact local averages. When trying to value your land, you will need to look at more factors than just what other lots are selling for.
What Is The Current Demand Like?
Take a look at how land is performing in the local market. Is it being bought up right away or is it sitting on the MLS for a while? Look at recent sales and how those lots are priced. Are there many lots available or just a few to be found? If there are lots of properties currently available, you might want to hold off on trying to sell until there are fewer available. Scarcity will help to drive up the value of your Charleston land. After all, they aren’t making it anymore!
If you are dealing with raw land, the cost to run utilities to it can be very expensive. You will have a better shot at finding buyers when the utilities are already in place. There should be roads with direct access to the property. You should consider clearing the land to make it ready to build for your potential buyers. By taking care of these things before trying to sell, you will attract more buyers simply by the ease of development and the visual aesthetic you create.
How Can You Add Value?
The best way to add value to the land is through development. Get quotes from different developers and home builders to find out how much it would take to add a structure to your lot. If you don’t want to make that kind of financial commitment, there are still a few things you can do. You can increase the value of your Charleston land by removing trees, planting some wildflowers, clearing old slabs or remnants from old structures, taking down worn fencing, and making any other improvement that will get the land ready to build. Increasing the visual appeal of the property will also generate more interest and attention when trying to sell your land in Charleston.
Are you ready to sell your land in Charleston? We can help! Send us a message or give us a call today! (843) 800-2705
The post Determining The Potential Value of Your Land In Charleston appeared first on We Buy Charleston Houses.