Land and Lot Sales Continue to Lag in Central Kentucky. Some Serious Suggestions for S!ellers
The Rector Hayden Report of Farm and Land sales for October of 2011 continued to a dip in sales. Only 16 properties sold in October or 2011 and of those 16 only one property sold for $400,00 or more. There is so much inventory on the marked for farms and land that it takes statistically an average of 56 months to sell any property.
There are currently enough properties in the 550,000 to 599,999 range that it will take 300 months to sell all of them at the current rate. Dropping the price below 550,000 improves the odds to about 70 months.
It seems to me that lately many of the properties that have sold are sold at auction. The Saturday and Sunday papers are filled with advertisements for Absolute Auctions.
Generally land in Central Kentucky is selling for about 40 percent of what people were getting five and six years ago.
What does the lower prices and slow sales mean to the seller?
- It means sellers need to price farms and land competively.
- It means sellers need to make sure the land shows really well. Sellers do not skimp on good photography.
- It means sellers must use realtors that think globally when they market properties. Sellers demand a realtor that will advertise on national websites.
- It means sellers need to make sure their realtor understands search engine optimization. If your realtor does not blog and do everything possible to get their name in front of the buyers searching on the internet then your chances of selling are minimized.
- It means sellers you need to make sure your realtor knows how to post virtual tours and video on the web. The increase viewing of video on youtube is staggering.