Is It a Good Time to Sell My Vacant Lot?
Our last article, “What To Do With a Vacant Lot in Philly,” got a lot of feedback and led to some great questions. One of the most popular questions was “Is it a good time to sell my vacant lot?” While many people are aware of how hot the seller’s market is for selling homes, does this translate to vacant lots as well? Well, in short, the market for vacant lots or land doesn’t always mimic the housing market. However, due to some unique situations, the vacant lot market is currently just as hot as the housing market!
Looking to Expand
One of the biggest catalysts to the current state of the real estate market was the COVID-19 pandemic. With many employees working from home, more and more people have been upgrading from smaller apartments to single family homes. Those in smaller homes began moving into bigger homes. So, as you can imagine the large influx of first-time home buyers, combined with those that decided to purchase bigger homes, had a huge part in creating the current demand in the real estate market.
Why is it a Good Time to Sell My Vacant Lot?
As we mentioned before, the vacant lot market doesn’t always act the same way as the housing market. So why is the vacant lot market hot right now? Well, following the same trend as people wanting to upgrade and move into bigger homes, there are a lot of people that are deciding to build their own homes right now. Many prospective homeowners have decided that they would rather build their home exactly how they want it rather than buy an existing home and then spend money on upgrades and changing everything to meet their specifications.
Especially in a city like Philly, where there are a lot of people looking to move from their rented spaces to owning their own homes, it is a great time to sell a vacant lot that you’ve been sitting on.
How to Sell My Vacant Lot in Philly?
Figure Out Zoning
While it may not be something you’ve really thought about, zoning will be very important when trying to sell your vacant lot. Potential buyers may be looking to do something specific on the lot they purchase. The zoning of your vacant lot will determine what buyers are are interested in purchasing your lot as well as determine how you should market your lot. Finally, the zoning will have a factor in the value of your vacant lot.
Marketing your vacant lot in Philadelphia is vital to ensuring that you can get the most amount of money for it. Zoning is clearly one important factor in pricing. Just like with any real estate, location also plays a huge part in the value of your property. You also need to factor in the current state of your vacant lot. If it has been left unattended for many years, it may require significant clean up to get it market ready. Also be sure to pay any outstanding fines that may be outstanding.
We’ve detailed some of the steps of selling your vacant lot, but there are many factors to take into consideration to make sure you are getting a fair offer for your lot. While you could also use a realtor, a realtor typically charges around a 6% commission for selling a vacant lot. Another option is selling direct to a company such as Property Buyer Connect. At Property Buyer Connect, we offer you a fair cash value up front and then take care of the rest! We are a trusted name in the Philadelphia area – check out our testimonials page to see what our clients have to say!