by Laura Mueller
It can be tough out there for a land buyer, especially when inventory is low.
The real estate industry has been stuck in a stark seller’s market for months on end, and that applies to land as well. This past year saw many people ditching big cities and investing in rural land, a trend that was further intensified by the growing popularity of remote work. And with inventory down but plenty of buyers looking to make a purchase, that can mean a lot more competition than normal for buyers—plus a lot more urgency when you do find something that you like.
If you’re looking to buy and you’re feeling discouraged by the lack of properties for sale, you’re not alone, nor are you totally out of luck. Here are some quick tips for buying land in a seller’s market, with key takeaways that can help you manage the market without losing your mind.
1. Hire a great agent
To really compete in a low-inventory market, you need the right agent. This includes making sure that you’re not only working with an agent who has their fingers on the pulse of your local market and the ability to act fast on your behalf, but who you also communicate well with and can trust to be constantly on the lookout for properties that meet your needs.
If you’ve been on the hunt for a while, it could mean that it’s time for a change. Check in with your agent and ask them how it’s going from their perspective. You may want to consider switching to someone else if it means having an agent by your side who can really go to bat for you.
2. Get in on the search
Having the right agent is essential, but as the buyer you still have an important role to play too. Because inventory is so scarce, you want to have feelers out in as many direction as possible, which includes not just the traditional search channels that your agent is using but also within your own network. Do plenty of your own searching in addition to relying on your agent, and get involved in local social media groups so you can be the first to know when new properties become available.
3. Work out your financing in advance
With fierce competition comes the need to move as quickly as possible when you do find a property that you like. That leaves less time for working out the kinks in your financing. Ensure that you know exactly what you have to spend—including how much cash you have on hand and how you intend to finance the remainder—so that you have all of the information you need to put forward attractive and sound offers.
4. Make it personal
In real estate, buyers and sellers often get reduced to their on-paper presence, which takes the emotion out of the deal. Sometimes a personal connection can work in your favor though, especially when you’re trying to stand out from the pack. Consider writing a note along with your offer that speaks to what drew you to the property and why you love it so much. If it’s a private seller, that may be enough to sway them to your side.
All hope isn’t lost. Your perfect piece of land is out there, so get to work and make sure you snag it.
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