How Long Does it Take to Sell Land in Connecticut

For Connecticut landowners looking to liquidate their vacant, raw or undeveloped land holdings, one of the key questions is “how long will it actually take to sell my acreage?” According to research compiled by the USDA Natural Resources Conservation Service, the median time on market for farmland real estate transactions in Connecticut is currently 4.5 months. However, the statewide median masks major variations depending on the land parcel specifics. Privately listed woods and wetlands may linger 9 months or more awaiting suitable buyers. 

But bringing development-ready acreage along I-95 growth corridors to market could elicit attractive cash offers within a few weeks. Land along historic scenic byways may trade slower while tracts suited for recreational values like hunting see quick sales. In other words, accurately pricing land to current area market conditions remains pivotal for Connecticut owners hoping for timely sales. Reviewing sales of comparable land parcels helps set the right list price to attract prospective buyers sooner.

Selling land does require more time and effort compared to selling a house or other improved property. On average, it takes 1-2 years to sell vacant land in Connecticut. However, with the right strategy and resources, land can sell in less time.

Key Factors That Determine Time to Sell Land in CT

Multiple variables influence how quickly you can sell land in Connecticut:

Location

Land near metro areas or possessing natural attributes like waterfront access or mountain views tend to sell faster. Parcels in more remote locations usually sit on the market longer awaiting the right buyer.

Property Conditions

Land that is clean, with established boundaries and limited restrictions sells quicker than sites needing clearing/demo work or having title issues.

Pricing

How a property is priced relative to its market value greatly impacts time on market. Overpriced land takes longer to sell.

Marketing Efforts

The more exposure a listing gets across media platforms, the faster it will likely sell. Unique marketing strategies also help land sell quicker.

Motivated Seller

If you need to sell land fast for financial reasons or relocation, buyers can sense urgency which may equate to getting an offer sooner.

Demand Fluctuations

Markets shift – when the economy softens, selling land slows across the board. Strong buyer demand speeds up sales.

Seller Options: List with an Agent or Sell Direct to a Company

When preparing to sell land in Connecticut, you have two main options:

1. List with a Real Estate Agent

Hiring an experienced agent to market and show your land is a common approach. The advantage is their expertise navigating regulations, pricing, listings sites, and working with buyers to facilitate a sale. With an exclusive right-to-sell listing agreement, the agent markets the property for a contracted period, typically 6 months.

Process to Sell with an Agent:

• Consult with agents to discuss experience selling land in your area and proposed strategy
• Sign listing agreement & determine list price
• Agent photographs land, creates listing descriptions, posts on MLS
• Property is shown to prospective buyers by agent
• Agent negotiates offers, handles contract paperwork
• Close sale, pay agent commission (often 5-10% of sale price)

Timeframe with Agent: National averages show vacant land taking 10-12 months to sell when listed with an agent. However, in Connecticut, land may sell in as little as 6 months with the right location and pricing. Conversely, remote sites or overpriced properties can take 1-2 years to sell even with an agent.

Considerations to Factor In:

• Agent commissions and fees – you pay whether land sells quickly or not
• No guarantee of sale even after contract period expires
• Need to wait out fluctuations in market demand that slow sales
• Risk of land sitting idle if no buyers materialize right away

2. Sell Directly to a Land Buying Company

A faster option is selling directly to a local land buying company like Land Boss. These specialized companies purchase land year-round for investment purposes or to add to their inventory. Selling directly for cash bypasses the agent listings process and market whims altogether.

Process to Sell to a Land Buying Company:

• Reach out to companies expressing interest in selling your land for cash
• Provide details on property location, acreage and attributes
• Land buying company evaluates site and makes cash offer
• Accept offer & due diligence is conducted
• Close all-cash sale on your timeline

Timeframe with Land Buyer: The entire sales process with a land buying company usually takes just 1-6 months from initial contact to cash in hand at closing. Deals can sometimes be completed in a few weeks in cases of motivated sellers.

Considerations to Factor In

• Receive a cash offer upfront instead of waiting indefinitely for a buyer
• Company handles all closing costs and paperwork
• No agent commissions to pay out of proceeds
• Ability to close on your personal timeline

The trade-off is the offered purchase price may be below full open market value. However, land buyers factor in costs to clear land, address encumbrances, and carry costs over months-to-years until reselling to an end-user or developer. The cash price reflects these considerations.

How Land Professionals Market Properties in Connecticut

While you decide whether to list with an agent or contact a land buyer, it’s helpful to understand general timelines and practices agents use to sell land.

Initial Preparation

A land agent will...

• Analyze comparable land sales to determine pricing
• Identify boundaries & confirm no encroachments
• Check for easements, restrictions or other encumbrances
• Clear brush to open sight lines & highlight natural features
• Install professional “For Sale” signage

This prep work takes approximately 30-60 days prior to officially listing.

Listing on MLS

The property is then posted to MLS (Multiple Listing Services) used by real estate agents. This syndicates the listing across hundreds of websites. Photos, maps and property details help market the land.

Listings usually start with an asking price at the higher end of the agent’s valuation estimate, expecting buyers will negotiate down during offers.

Showing Land to Prospects

The agent markets broadly by emailing the listing to their buyer network. They schedule showings for interested parties, meeting on site to view the property.

Showings may be frequent following the MLS launch, then trail off over months. Serious buyers may make multiple visits as they deliberate making an offer.

Negotiating an Offer

When a buyer is ready to move forward, the buyer’s agent drafts an official purchase offer for the listing agent to present to the seller. This kicks off negotiations to align on purchase terms and price.

Counteroffers go back and forth until settling on an agreed sale price and closing date. This part of the process can take weeks if negotiations stall.

Once under contract, the buyer conducts due diligence like title work, surveys and inspections during their contingency period. The sale moves forward pending no major issues.

Closing the Sale

The contract sets a closing date when funds exchange and deed records to transfer land ownership. This is typically set 30-60 days out from contract date, but could be longer depending on needs of buyer.

At closing, the seller pays out agent commissions from the proceeds. After diverting these payments plus covering closing costs, the seller receives the net sale amount.

Average Timeline Using a Land Agent:

• 1 Month: Initial Prep & Listing Paperwork
• 1-4 Weeks: Marketing & Showings after MLS Listing
• 1-2 Months: Negotiating Offer & Due Diligence Period
• 30-60+ Days: Set Closing Date after Contract

So the full cycle from listing to closing can range 4-6 months on average. But many factors from pricing to buyer preferences can shorten or extend this significantly.

Strategies to Expedite the Sale of Your Connecticut Land

Selling land has its complexities. But proactive steps by the seller during both listing and offer stages can help accelerate the process.

When Listing with Agent

Price Competitively – Overpricing is the #1 issue hindering sales. Price near the low end of expected value right from the start. This attracts more buyer traffic and yields faster offers. You can always adjust down later verses chasing the market lower through cuts.

Be Flexible Showing Land – Place “Call for Showing” signs around perimeter. Respond promptly to agents requesting site visits, even with short notice or odd timing requests.

Offer Incentives – Consider including modest allowances for well/perc testing in offer to offset buyer’s closing costs. Helps deals progress.

Start Clearing/Grooming Early – Process permits to clear brush, mark boundaries and address any eyesores to get site sale-ready. Don’t wait until listing.

When Agreeing to Offers

Negotiate in Good Faith – Counter reasonably during offer discussions. Signaling willingness to work towards mutual deal terms helps prevent losing eager buyers.

Remain Objective to “Low Ball” Offers – Review all cash offers seriously no matter the price point. The old adage “cash talks” applies to land sales too.

Act Promptly to Advance Sale – Be responsive on due diligence needs so buyers hit contract deadlines. Delays here derail deals.

Add Flexibility on Closing Date – Float a 60 day+ closing period in offer negotiations if needed by a buyer to help overcome any reservations about purchase timeline.

Staying ahead of key milestones while also accommodating buyer requests as able pays dividends for completing a land sale more quickly.

Is Now a Good Time to Sell Land in Connecticut?

As the iconic quote goes - “the best time to plant a tree was 20 years ago and the next best time is now.” When pondering the real estate market to sell land, similar logic applies.

While no one can predict exactly where the market heads next, current dynamics favor land sellers:

• Interest rates, while rising, remain near historic lows increasing buyer purchasing power
• Continued strong demand for land across Connecticut
• Raw land appreciating as built inventory stays constrained
• Expanding remote work broadening preferences for rural/suburban properties

These conditions present opportune timing for sellers to tap into motivated buyers across various segments – from developers seeking inventory to individuals looking for vacant retreats.

Bottom line - if your land’s time has come to sell, now produces a relatively stable market to capitalize on. The process still takes patience and persistence, but hits fewer economic headwinds overall.

Move forward in an informed way evaluating merits of listing through an agent or pocketing direct cash from a buying company. Either path can yield success. With realistic expectations set on typical time ranges, you position your particular land asset to best advantage.

Frequently Asked Questions (FAQs)

How long does vacant land usually take to sell in Connecticut?

On average, selling a vacant land parcel takes 1-2 years in Connecticut. More desirable locations and competitively priced properties sell on the quicker side of this range. Remote or overpriced land tends to sit longer.

Does my location in CT impact how quickly my land can sell?

Yes, land in metro areas or with natural features like water frontage tend to sell faster. More rural inland locations often stay on the market longer waiting for the ideal buyer.

Will getting my land officially surveyed speed up the selling process?

Completing a boundary survey professionally establishes the parcel parameters. This gives buyers confidence on what they are purchasing and saves them time and money, which can help attract offers more quickly.

Should I clear trees or make other improvements before listing my land?

Some moderate clearing, grooming and general site prep prior to listing helps showcase the best attributes to potential buyers. But extensive bush hogging or major infrastructure upgrades are harder to recoup at sale. Focus on easy eye candy curb appeal projects.

What options do I have if I need to sell my Connecticut land fast?

Hiring a top agent skilled in marketing land can help it gain swift exposure to buyers. Also contacting local land buying companies will likely yield a direct cash offer within weeks, providing funds the quickest. Both routes have their upsides when needing to sell land more urgently.

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