The great thing about dealing with bank foreclosures on raw land, either on the buyer or seller side, is that these properties are typically priced to move.
More traditional sellers need to employ this strategy, because -- at least in Beaufort real estate market -- the raw land is crowded, with more than 1000 parcels of land currently listed.
Gone is the urgency which drove the huge uptick in volume and prices in the 2004 -- 2007 market. Back then, the buyer's market was flooded with buyers looking to secure that retirement piece, and investors, looking to sock away some money in a booming real estate market.
And buyers were paying top dollar to do so.
So, what do you do if you are attempting to sell a piece of real estate in a market that doesn't have near the energy as when you bought the property?
For instance, on Fripp Island, Beaufort's Atlantic-front beach resort, there have been a paltry 7 sales in the past 12 months, yet there are currently more than 160 raw land listings.
I'll tell you what you do, you price your property like you mean it. How else do you stand out in a crowded field?
Like the banks, which price their raw land as if they are tired of owning the parcel -- which they most certainly are -- and price their properties accordingly.
If you have any real estate related questions regarding the Beaufort, SC market, feel free to call me at 843.263.6886, or email me at firstname.lastname@example.org.