10 Ways to Sell Your Land Faster in Virginia

Virginia's land market presents unique opportunities and challenges for sellers. According to AcreValue, the average price of farmland in Virginia was $4,700 per acre in 2023, with significant variations across regions. The Piedmont area, for instance, commands higher prices due to its proximity to urban centers. Despite these favorable conditions, the Virginia Department of Agriculture and Consumer Services reports that the state lost over 2,000 farms between 2012 and 2017, highlighting the evolving landscape of land ownership. In this competitive market, sellers need effective strategies to stand out and expedite their land sales. This article explores ten proven methods to help you sell your Virginia land faster, whether you're dealing with farmland, residential lots, or undeveloped acreage.

10 Tips to Sell Your Land Faster

1. Price Your Property Competitively

This may seem obvious, but pricing is truly one of the most important factors when selling land. we’ve seen many deals stall simply because the property was 10-15% overpriced for the area.

Research recent comparable land sales in your county as well as neighboring counties to get an accurate picture of current fair market value per acre. Recent comps should ideally be within the last 6 months to a year.

Don’t rely solely on tax assessed value, which tends to lag behind real market value. Listing your Virginia land parcel at a competitive price per acre for the location can drive more buyer traffic and offers your way.

While it’s tempting to aim for the stars with an ambitious listing price, an overpriced property can mean staying too long on the market. Consider pricing your land 5-10% below comparable active listings to generate greater interest among buyers.

2. Use Effective Marketing Strategies

To get your Virginia land in front of motivated buyers, you need to go beyond just listing on the popular property sites.

Create eye-catching ‘For Sale’ signage with land details and your contact information. Install these signs at strategic spots on the property, especially along road frontage areas.

List on sites like Zillow, Trulia, Lands of America and Craigslist for wider visibility. Join relevant Facebook groups and list on Facebook Marketplace which is gaining popularity.

Network with local real estate agents, brokers and land investors who may have serious buyers already looking for land parcels like yours. The access to their buyer network can significantly widen your reach.

3. Offer Land Owner Financing

Offering owner financing can expand your pool of potential buyers and sell the property faster, particularly for higher value or unique land parcels.

With owner financing, the buyer pays you directly over time with interest, instead of having to take out a mortgage through traditional lenders. This enables buyers with poor credit or inability to qualify for conventional loans to purchase your land.

Ensure you work with an experienced real estate attorney to draft the owner financing contract to adequately protect your rights as the seller. Make sure to charge a competitive interest rate and require a sufficient down payment from the buyer.

4. Consider Lease with Option to Buy

Where an outright sale isn’t feasible for buyers, lease-to-own agreements allow you to get your Virginia land sold quicker. This model lets buyers lease the property for a defined time period with an option to purchase within a set timeframe.

During the lease, you earn steady rental income. Meanwhile, lease-to-own provides motivated buyers time to save up for the purchase or develop the land further before having to commit to a purchase.

Have your real estate attorney customize the lease-to-own terms suitable for your specific property situation. You’ll need to define duration of lease, purchase option window, monthly rent, purchase price and any advance you may want.

5. Subdivide the Land into Smaller Parcels

For larger acreage properties, consider subdividing the land into smaller parcels of 5 to 20 acres. To do this, you will need to have the required surveys, access roads, perc tests and soil tests completed beforehand.

Smaller parcels are more affordable for a larger pool of buyers and tend to sell faster. Target your marketing for the smaller lots towards veterans, hunters, farmland investors, homesteaders and tiny home enthusiasts.

This approach allows you to sell the divided parcels over time as buyers come along, instead of waiting for one buyer able and willing to purchase your entire large parcel together. Make sure to install proper gating and no trespassing signage after survey.

6. Offer a Fast Payment Discount

To provide extra motivation for buyers, consider offering a 5-10% discount if they can pay in full within a short defined period like two weeks. This incentivizes the buyer to expedite purchase of your property.

This discount helps secure a fast sale, while enabling you to offload the property quickly at a reasonable price still. Minimizing your holding period significantly cuts costs and headaches associated with owning vacant land.

Any discounts or special terms offered should be properly prepared and documented by your real estate attorney prior to contract signing.

7. Be Responsive and Accommodating

During a real estate transaction, time is precious to both the buyer and the seller. Being responsive and flexible as the seller can really help move things along faster.

Reply promptly to buyer queries and schedule showings as soon as possible. If buyers need reasonable concessions like an extra week for closing, try your best to accommodate it.

Assign a dedicated point of contact for buyers to get regular status updates on the sale process. Do your part to make the paperwork process smooth and efficient on your end for a quicker closing.

8. Consider an All-Cash Offer from an Investor

Selling your land to an investor or specialized land buying company provides the benefit of speed and simplicity unmatched in the traditional sale process. They will make a direct cash offer to purchase your Virginia property fast.

While the cash price is likely to be at a discount from full open market retail value, the quick sale with fewer headaches or contingencies has its own advantages that sellers should weigh.

Reputable land buying companies like Land Boss pride themselves on providing fair cash offers tailored to each property and being able to close deals efficiently. It's worth exploring this option by requesting a no-obligation offer quote from them for your land.

9. List with Agents and For Sale By Owner Simultaneously

Instead of picking between listing with an agent or going the For Sale By Owner (FSBO) route, maximize exposure by using both avenues together.

The agent can handle advertising your Virginia land on MLS, screening buyers, showing property and negotiating the purchase contract. Meanwhile you can self-list on classifieds sites and social networks yourself.

Pursuing both options widens your potential buyer reach significantly. Be open to considering offers secured directly by you or through the agent. Offer the agent a protection period and reduced commission percentage on any sale direct to a buyer you find.

10. Enhance Appeal with Value-Adds

Sweetening the pot with added property features or value-adds can enhance appeal for buyers. Paying for utility installation, throwing in a portable shed or covering closing costs are some options.

For land parcels with mineral, oil or gas rights attached, have a professional assessment done upfront to establish fair market value. This helps buyers fully recognize the hidden value there.

Offering to split closing costs with the buyer is another way to make your deal more enticing, especially for hesitant buyers concerned about affording closing fees. For vacant land, get the boundaries clearly surveyed and provide the plat documentation to buyers.

With over 42,000 square miles spanning coastal plains to mountain highlands, selling land in Virginia requires a good strategy. By implementing some of the tips above, you can appeal to qualified buyers sooner for your property. Attractive pricing, creative terms, wide marketing and added value can help sell your land faster.

Final Thoughts

Selling land can be a tedious journey, but with the right approach, you can shorten your time on the market in Virginia. Be strategic with competitive pricing, creative terms, robust marketing, and value enhancements. Understand that while offers from investors may be lower than asking price, they provide speed and convenience that the traditional route lacks. Ultimately, by arming yourself with knowledge of the local landscape and leveraging the various options at your disposal, you can maximize your chances of closing a deal promptly. With this guide, you now have a solid game plan to sell your Virginia land faster. Just stay flexible, proactive and persistent - your buyer is out there!

Frequently Asked Questions (FAQs)

What are some tips for pricing my Virginia land competitively?

Research recent comps in your county & nearby to gauge fair market value per acre. List 5-10% below comparable active listings to attract buyers. Don't rely solely on tax assessed value. Consider views, road access, utilities available when pricing.

Should I offer owner financing when selling my Virginia land?

Owner financing opens your listing to buyers who may not qualify for traditional loans. But work with an attorney to draft the contract protecting you as seller. Require a substantial down payment & charge competitive interest rate on the financing.

How can I market my Virginia land for sale beyond just listing sites?

Create visual for-sale signage on the property. Network with local real estate agents, brokers & land investors to access their buyer network. List on Facebook Marketplace & relevant Facebook Groups. Advertise in local classifieds like newspaper or penny saver.

What are the pros and cons of selling to a land buying company?

Companies like Land Boss purchase land fast with cash offers, removing hassles of traditional route. But their offers will be below full open market value. Weigh convenience and speed against maximizing purchase price.

Should I offer any value-adds when selling my Virginia land?

Value-adds like installing utilities, surveying boundaries or covering fees make offer more enticing to buyers. For mineral/gas rights, have a valuation done. Offer to split closing costs. Provide any permits, easements info upfront.

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