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NOTE:
Each issue of
LAND RUSH OnLine will bring you
closer and closer to a thorough understanding of owning mountain
land - to a comfort level which can make your mountain land dreams
come true.
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THIS
MONTH'S TOPIC:
How Land Is
Priced!
An auctioneer was once heard to begin a land auction
by barking, “We’re here to get as much as we can –
you’re here to buy it as cheap as you can – what am
I bid?”
How are prices established? Who gets to decide on the final purchase
price? Can buyers make a lower offer? The price of property is obviously
a major concern for all parties. Here’s a summary of pricing
terms and how they affect both buyers and sellers.
The Asking Price – Sellers are responsible for setting the
asking price. The property belongs to them, and it is their right
to price the property at a level acceptable to them. Having said
that, you can well-imagine the wide variance in prices that are
to be found in the market. It is also the primary reason to begin
your search through a real estate broker specializing in land.
First consider “By Owner” land sellers. These individuals
can ask any price they like – and usually do. Without the
benefit of being represented by a broker, they lack accurate pricing
information upon which to base their price decision. They’ve
“heard” what others are getting for their land. They’ve
dreamed of getting even more . . . and maybe added an extra 10%
on top of that for "wiggle room”.
Buyers often approach individual landowners thinking they can buy
at a bargain price since the sellers are not paying a commission.
Nothing could be further from the truth. Our experience shows that
these sellers, not having all the facts about the current market
and actual sales, generally believe they can ask more rather than
less.
Worse yet, if a buyer happens to show interest at their price, the
sellers often back-peddle, possibly raising the price. In short,
buyers who approach the “By Owner” seller are most likely
to encounter indecision, inaccurate pricing, misinformation, and
wasted time.
If you contact a broker specializing in land, you’ll encounter
a different situation. Serious, motivated sellers engage the services
of a broker because they intend to sell. One service sellers receive
is access to accurate, factual, current pricing information. The
broker knows what buyers have recently paid for similar properties.
This information is incorporated into the seller’s pricing
strategy, resulting in an asking price at or near fair market value.
It has been said that “fair market value” is defined
as “that price which a seller is willing accept and a buyer
is willing to pay, neither party being under any pressure to act.”
So, now it’s up to you. Why not take a few
minutes to let us know your thoughts and plans? Just click on paulchristian@ncmountainland.net
or david@ncmountainland.net
and we’ll respond promptly.
We look forward to seeing you here in the mountains!
Paul Christian
Broker!
The purpose of Land Rush is to educate and inform
you in such a way that, once you arrive here in the mountains, you’ll
be prepared to make your purchase. If you haven’t already,
please – before you come - take time to download our buyer’s
guide – “Carolina Dreaming” - from our website.
It’s short, easy to read, and will provide you with the basic
information needed to make your trip a roaring success. For your
free copy, go to:
www.ncmountainland.net/manualdesc.html
Ready to come to the mountains? Call us at all reasonable
hours, seven days a week, at 800/849-9225. Ask for David or Paul
and we’ll set up a time and place convenient for you. We’ll
take whatever time is required to help make your land ownership
dreams come true!
ARCHIVE:
CLICK HERE
BUYERS CHECKLIST:
CLICK HERE
LAND
BUY OF THE MONTH!
925.04
± Acres!
State Hwy. Frontage!
$ 3,100/Acre
One Mile of Riverfront!
1,600' Elevations!
Miles
of Roads/Trails
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