Common misconceptions about the real estate marketplace explained.
By Professional Real Estate Agent and Data Analyst, Amber Nestor
I am going to do my best to keep this post short and sweet, and over-simplified. If you are serious about working with me, I can get into a much more detailed and data supported conversation with you about these topics.
But, here are the facts, based on the data, that I have spent my life and my career studying.
My data shows that unimproved (or wooded land), and land with a livable house on it, have 2 completely different time frames with which you can expect them to sell. I can't emphasize this enough: very different.
This is a very common misconception: no matter the property type, it should sell quickly. That is a false statement.
The price that something sells for, and the speed with which it sells, is related to MANY factors, but we are only going to briefly discuss the following ones:
The percentage of the population financially capable of making that type of purchase. (Capability. Possibility. Demand.)
The quantity of inventory available for that capable population to choose from. (Supply.)
The ease with which the buyers can become aware of the supply, both in quantity and quality. (Agents and Real Estate Advertising Websites & Level of Awareness)
Buying and improving land with excavation, construction, and utilities, etc. is a much more complex and financially difficult and complicated endeavor.
Buyer a house that is ready to be moved into and lived in on day 1 is a much less financially complex endeavor.
Therefor, typically, I tell my clients to expect that a house marketed at a price that one would expect it to appraise at to sell MUCH faster than a piece of land that is priced in a way that it is expected to appraise at.
Now, the exact time frame that one might expect that variance to exist within in something that I can explain to you in a phone consultation.
God bless you, and I look forward to working with you on your next purchase and or sale of property, land or home.
Thank you for visiting my website.
Have a beautiful 4th of July weekend.