a reality check list”
Land owners are not altogether surprised at the general price range their land might sell at. However some hope or expect to hear a higher value than what an objective analysis concludes.
The market value of your land is not:
- What you have in it
- What you need out of it
- What other properties are listed at
- What the tax assessor says it is worth
- Or the highest list price suggested by one of the agents that you are interviewing
The true market value of your land is what a Buyer is willing to pay:
- Based on location
- Based on today’s market
- Based on today’s financing
- Based on today’s competition
- Based on today’s economic conditions
- Based on how long it has been active on the market
Land that will sell are those that:
- Have easy access
- Are well and thoroughly marketed
- Are perceived as a good investment
- Have Soils Reports, Topography and Surveys – this is a plus.
- Are value priced and properly prepared at the start of marketing
As a final reminder to the Seller:
- You cannot control value
- You can control the price you ask
- You can control access to the property
- You can control the condition of the property
- You cannot control the motivation of your competition
- You cannot control market conditions, including Buyer financing, appraisals, et.al.
Note* Land owners can have the will to sell (but that is not always enough), Land owners have to be prepared to sell.
I have been a realtor and real estate land specialist in Los Angeles for more than 15 years creating opportunities for land-owners and Buyers, brokering vacant land throughout the Greater Los Angeles area. I can be contacted at sales(@ )westsideland (dot) com and information from www.westsideland.com