When you are selling your rural property, there are no right or wrong answers in determining the selling price. The end result is that the value of a property is worth what one buyer is willing to pay and a seller is willing to accept. Looking at the market objectively is difficult when you are the seller. You always believe that your property is better or more valuable than other similar properties and that it should sell quickly. The goal of all sellers is to sell their property in the shortest amount of time. The key to getting it sold is to be realistic and honest about the price your property will sell for.
What Buyers Want in a Rural Home, Land & Property
As the seller, you need to win the price war and the beauty contest. The market will dictate the relative value of your property. Buyers do not care what the seller purchased the property for at the top of the market. The buyer does not care how much the seller “has in it”, how much the seller’s mortgage is or how much the seller needs to net from the sale. Buyers will want a heavy discount for any work that needs to be completed. Buyers want the most for the least.
How to Determine the Asking Price for Your Rural Home
There are factors that come together to determine the asking price of your property. The data of similar properties will help determine market value. Choosing a realistic asking price based on market data will give you a comfort level that your price point is justified when negotiations with the buyer begin. Ranches and land in rural areas are not like homes in suburban USA, where all homes in a subdivision are very similar in age, size, finishes, quality, and yes; price point. This means that rural properties may have sold for a similar price, but are totally different.
What is Included & Excluded in Rural Property Sales?
When you are getting ready to sell, you should put together a detailed list of what is included and excluded. There are many variables here that include equipment, livestock, crops, fruit trees, hardwood trees etc. Are there water rights like a stream, river, ponds, lakes, marsh or mineral rights? Is the property a prime hunting ranch? What kind of wildlife, birds, fowl, deer, antelope, elk, etc. frequent the land? Do areas of the ranch have game fencing? Are there any existing leases in place for grazing, haying, hunting? What are the total annual income earnings of the ranch? Sometimes it may be better to separate the land from the other items to maximize the net gain.
Selling Rural Land at Auction
The benefits of selling rural land at auction are that there are a lot of potential buyers vying for your property. Auctions create a competition among buyers and help to eliminate the issue of pricing too high or too low. Experienced auction houses are great at marketing real estate to potential buyers. Rural properties need marketing efforts to reach a lot of buyers. There are no carrying costs with auction sales, which will save you money. There are no negotiations meaning the process less stressful for the buyer and the seller.
Rural Home, Land & Property Auctions in Belton, Killeen, Temple & Central Texas
If you are interested in using an auction house to sell your rural land, then give Central Texas Auction Services a call. We are experienced in auction real estate sales and will get you the best price possible with the least amount of stress! Contact us for more details.