We've had our land listed on the market in coastal GA for 6 months now. Why won't it sell? Is this normal?

Answer 1

I sold my home in Florida in October 2005. Many of the homes that were on the market then are still on the market now. It is no longer a sellers market, and buyers are looking for value. I don't know about Georgia, but in Florida it is getting very hard to get insurance, and very expensive for homes near the water. It could be putting potential buyers off, especially after all of the hurricane damage of the last two seasons.

The info on zillow, and other sites like it, will not give you accurate info. Zillow shows my house with a value of the foreclosure from the previous owner two years ago. Bank of America's realty section shows my house as being 30 years older than it actually is. If you are concerned that you have over priced the home for your market, check with your Realtor.

Answer 2

There are a lot of things to consider too. I'm a land broker, and typically, I'll skim past thigs that are listed with a major realtor as typically, it means that builders and brokers have already passed over it for one reason or another. That's in NJ though. Also, what are you pitching it as? Developable land I assume? It will depend on the zoning, the utilities in the area, the loacale itself, the nearby amenities, etc. You could have a dog of a property and sell it in days if it has the right features, and you could have one of the most scenic properties around, but if sewer line and water are 4 miles away, then it'll be expensive to develop. It's more than just the market that will determine whether or not your property will sell. If it's developable, then look up a National builder that may be in the area...a Ryan, Ryland, Toll Brothers, Horton, Pulte...and ask for a land acquisitions guy, and see what they think of it.

Answer 3

Land is a difficult type of property to market. If it is simply "listed" and not marketed, it could sit listed for years. Over-priced property is only one reason a property does not sell quickly. You can ask your agent to provide you with comparable sales and listings with information on how long each site was on the market. You may find that six months is typical.

You may want to invest in engineering in the site to establish the types of uses the land may be suited. This will also help market the site, as you can target specific builders and developers.

Answer 4

You may have it priced to high, or there might be something about it that isn't appealing to buyers. Ask your Realtor for suggestions on how to make your home more appealing...keep an open mind and don't take anything they say personally, they are there to help you. They want your home to sell as much as you do.

Answer 5

Perhaps you are pricing it too high? you might want to check out zillow.com to see what the average price of your area goes for. You may also want to check with an agent to see what they can tell you about what the market is like out there.