by Caroline Kirby
The last few months have been turbulent for all of us – causing stress, confusion, and uncertainty in many areas of life, from work to healthcare to education, we’ve all been affected. Apart from seeing a massive shift in how we all operate in our daily lives, we’ve also seen some surprising impacts of the COVID-19 pandemic.
For example, the real estate industry has taken a hit, as many expected, as economic uncertainty and a lack of confidence amongst sellers and buyers alike loom amidst the pandemic. While the housing market may have taken a turn for the worse, the market for buying and selling land seems to be solid. All of the land realtors we have been in contact with are reporting that they’ve extremely busy closing deals over the last few months.
So, what’s the deal? There could be a few reasons why land listings are in demand during the age of COVID-19; let’s explore a few.
While there aren’t too many stats out there, just yet many land experts project that their market will hold strong as others navigate volatile times. If you’re interested in getting more detail on this topic, check out this virtual round table discussion between a group of expert land agents who are also Accredited Land Consultants of the REALTORS® Land Institute (RLI).
Apart from their commentary, there are a few other items to keep in mind that may speak to why land listings are safe as well as some tips for anyone thinking of buying or selling land during the global pandemic.
• Rural areas and sparsely-populated states (think: Wyoming, Montana, Iowa, etc.) are becoming much more desirable. Why? Well, in the age of social distancing, having a plot of land far from neighbors sounds ideal.
• Properties that were previously hanging out on the market because they were remote, only accessible on foot or by off-highway vehicles, like an ATV, are even more appealing to buyers. People are looking less in urban areas and more for opportunities to go off the grid a bit.
• An online presence is more important than ever before. If you’re selling land, you’ll want to have your listings online, and don’t forget to leverage the power of social media. Most people are spending more time online than ever before, averaging over 4 hours of screen time per day. This is the perfect opportunity to connect with potential buyers or find properties!
• People are crafting their own fun. Since many of us can’t go to gyms, sports centers, movie theaters, or other crowded places, why not make your own fun? Many land realtors have reported steep increases in inquiries and purchases of recreational land.
We may not know exactly why land listings are doing so well amid the pandemic, but it’s a trend to keep an eye on. The reasons above may explain a few of the ways that land listings are doing well, but until more data is released, we won’t know for sure.
In the meantime, it can’t hurt to invest some time and energy into ensuring your online listings are quality and likely to get you the attention you need to sell. On the other hand, now is a better time than ever before to look for different things online.
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