Vacant land is a profitable asset for many property owners. However, some people need to sell their land fast for financial reasons. Maybe they’re behind on their property taxes, have a family emergency, or want to cash out of their real estate investments. Whatever the reason, there are several ways to sell your Arkansas land quickly.
Find a Local Realtor
Working with an experienced real estate professional can help you navigate the complex process of selling your property. They can provide advice on market trends, assist you in finding buyers, and help with the negotiation and closing of your sale. They can also help you prepare the home for inspections, and make sure that all paperwork is in order. Lastly, they can help you avoid potential legal pitfalls that may arise during the transaction.
Consider Getting an Appraisal
An appraisal is a key step in the FSBO process and can be used to verify the price of your land. A professional appraiser will use comparable property sales and other data to determine the market value of your land. This information will be crucial when setting your asking price.
In some cases, an appraisal will be required by your lender before approving your loan application. It will also be needed when determining how much property tax you will have to pay. Depending on the state and county where your land is located, this can add up to a significant amount of money.
Advertise Your Property
One of the best ways to sell your land Sell land in Arkansas is by advertising it in online forums and through flyers. There are several free websites that you can use to post your listing, and you can purchase a “For Sale By Owner” yard sign at most hardware stores or online for $20-$50. You should also list your property in the local MLS, which is the most effective way to reach the widest audience of potential buyers.
If you’re looking to save on commissions, you can try a flat-fee MLS service that charges a fraction of the standard fee. This can still leave you with 2.35% to 6.17% of the sale price in your pocket. However, fewer buyers will see your listing since most agents work with buyers, so this isn’t an option for every seller.
Consider Offering Seller Concessions
Concessions are a great way to sweeten the deal for buyers and potentially increase your final sale price. However, they can be a bit tricky to manage, and the most popular ones will vary by market. Having a clear understanding of what is likely to appeal to buyers in your market can help you decide which concessions to offer. For example, in some markets, sellers offer to cover buyers’ closing costs, which can reduce their overall cost by up to 2.1% of the purchase price. This can be a big incentive for buyers and can help you sell your property faster.