Why Do People Want to Sell Land Fast?

Many real estate agencies have experienced great success with land sales in recent years. In fact, the New York Times reported that farmland values surged by nearly 19% from 2021 to 2022, and realtors with the National Association of Realtors said 2021 was their best year in almost a decade. 

Land owners are looking for quick sales, and many prospective purchasers are jumping on listings as soon as they’re advertised. However, some people are curious as to why landowners are so eager to sell. Often, they consider their sales options for some of the following reasons. 

There’s Demand for Land

Many people trying to sell land fast in Texas and further afield likely won’t have trouble doing so due to the increased demand for it. Seeing that the United States is running short of land for housing, some landowners have made the decision to sell up, knowing their plot likely won’t sit languishing on the market for months without any interest. 

It’s believed that the shortage relates to land-use restrictions, minimal public investment in rail, roads, and infrastructure, and a general lack of wide open spaces near populous cities for expansive development. 

The Prices Are Rising

Supply and demand go hand in hand, which means when there’s a land shortage, the prices for what’s available go up. Farmers nearing their retirement years and land-banking individuals might see now as the ideal time to divest their assets and benefit from the significant price leap. Sometimes, an upsurge in listings can decrease asking prices, but this might not happen in some states due to the shortage of available land to begin with. 

Multiple Lending Options to Choose From

Buying land can be complicated, especially as lenders can’t lend against a fixed asset like a house. However, we now have many different lending options at our disposal, and many landowners believe the flexibility and versatility for buyers could make it easier to sell their land. 

While potential purchasers can still buy through seller financing and personal loans, they might also be able to secure desirable loan programs like USDA loans, SBA loans, and government land loans. 

Cost of Living Increase

Inflation has been hitting many Americans hard, and economists have warned that the US is on the brink of a cost-of-living crisis, with food prices increasing by 9.4% on average. 

However, it’s not just food that people are struggling to pay for. Property owners are also grappling with rising interest rates and property taxes. Seeing no end in sight, many property owners are selling assets they don’t need, such as rental properties and bare sections. The quicker they sell them, the sooner they can stop paying all associated costs. 

To Fund Other Projects

Some landowners want to sell their land fast to free up money to fund other projects. While some lenders are more than happy to lend against assets, such as land, landowners might still prefer to sell an asset they’re not currently using to use the money for something they will greatly benefit from. 

Everyone has a different reason for wanting to sell land fast. Some people want to take advantage of the demand for land, while others are divesting their assets due to inflation. Whatever the reason, land buyers are in an excellent position to purchase the lot of their dreams.