"How come I can't sell my land?"
As weird as it sounds, we real estate agents still get this question quite often here in Owasso. And we get it because there is a lot of property that people are trying to sell for commercial development in Owasso. And most of it isn't selling. A search of our MLS (in regards to residential lots) shows that we have 38 lots for sale right now priced between $21,500 and $75,000. We have 109 lots for sale right now priced between $76,000 and $2,000,000. That gives us a total of 147 lots for sale right now. That doesn't even include the lots that the big tract builders own in their subdivisions!
On the commercial side of things, we have 13 properties for sale right now. 10 of them are existing buildings. One is a church and one is a funeral home. How about that? You can own your very own funeral home in Owasso, Oklahoma! Add to this mix the vacant land that folks are trying to sell for commercial development and you've got all kinds of great opportunities right?
Except for just one little problem. There is too much commercial property and vacant land available right now in Owasso. Back in the good old days (90's through 2008) Owasso was growing rapidly. Our housing boom brought a commercial boom. Land owners and even some home owners hit it big by being able to sell their property for a handsome sum of money. During that time, we saw Smith Farm Shopping Center go up, Tyann Plaza, Fudruckers (now closed), Tate Boys Tire Center, Wal Mart Super Center, Home Depot, Lowes, a second Reasor's location (grocery store), two hospitals and a plethora of smaller businesses enter town. We were a hopping place!
But then the bottom fell out of the housing market. You know that ugly story, so I won't repeat it here. What you may not know is that commercial development always follows housing development. So it just makes sense that when the housing boom busted that commercial development would come to a screeching halt also. And that is exactly what has happened. Today, there is a lot of commercial property and vacant land for sale in the Owasso, Oklahoma area. The problem for sellers is that there just aren't very many (if any) buyers. Think of it this way...you're fishing in an empty pond and hoping to catch the big one!
If you're going to be selling your vacant land in Owasso, you might need a reality check. First, you're not going to get a million dollars for your 1 acre lot close to the highway right now. You're either going to have to lower your price or wait until the economy gets going again. Vacant land sellers in Owasso often are still stuck in the Beverly Hillbilly's mindset - meaning they think there is gold in them there dirt clods. Maybe in the past folks, but not right now. Those who have vacant commercial buildings may have a tougher go of it. It is hard to get backing to start a business right now and it is also extremely risky. I'm not sure what the answer is to this one.
Land sellers will do well to remember the following...
1. The economy is still sluggish. It is better than it was, but it hasn't come back to where we were. And it coudl be a very long time before it does.
2. People are scared to death of potential inflation. Instead of investing in building a building, many are buying gold, other precious metals or rental properties.
3. You'll get high dollar for your property when the economy is better, but also when there are fewer properties to choose from. Remember, more properties mean more choices for buyers. And more choices usually means lower prices.
4. Now is the time to be patient.
For help buying or selling in the Greater Tulsa or Owasso Oklahoma area, be sure to contact Bob Haywood, "Your Real Estate Results Expert!"
www.BobHaywood.com
918-272-7272
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