Land sales right now are terrible where I am. 3 years ago for every home I sold I sold 4 pieces of land. Today the ratio has turned the other way. Why?
First there is the financing. Lenders do not want to lend on land. It is easy to walk away from. So they want more money down and often rates are up to a point higher.
Second in so many cases it is less expensive to buy an existing home than to build. So construction loans again want more down and are interest rated higher.
So why is it a great time to by land? It is a great time to buy land because prices are low reflecting the problems in the market. Yes you may have to hold for a while. But if you can afford to buy now do it. That horse farm or vegetable garden or just SPACE you may have always dreamed about has gotten much more affordable. Land is what the home sits on. So it is the bottom. Start from the bottom up.
If you are looking to buy or invest in our great North Georgia Mountains give the pros at All Mountain Realty a call. Since nobody is buying now is a GREAT time to buy land.
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