What Is Your Vacant Lot Really Worth?

a reality check list”

Welcome To Reality - What Is Your Vacant Lot Really Worth?

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 http://www.westsideland.com

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