How Long Does it Take to Sell Land in Oklahoma?

Selling land in Oklahoma can be a complex process, with timelines varying significantly based on several factors. According to the Oklahoma Real Estate Commission, the average time to sell vacant land in the state ranged from 3 to 9 months in 2023, though some properties may sell more quickly or take over a year to find a buyer. This timeline is influenced by the state's diverse land market, which includes agricultural, residential, and commercial properties. The 2017 Census of Agriculture reported that Oklahoma had 34,356,110 acres of land in farms, with an average farm size of 438 acres.

Additionally, the market value of agricultural land and buildings in Oklahoma was $67.7 billion in 2017, highlighting the significant role of farmland in the state's real estate landscape. Understanding these factors and the current market conditions is crucial for landowners looking to sell their property efficiently in the Sooner State.

Determining Timelines for Selling Land in Oklahoma

Selling vacant, rural, or undeveloped land in Oklahoma is not a quick process for most property owners. Unlike selling a home which can sell in weeks in a sellers' market, land parcels often take significant time to market, attract buyer interest, negotiate terms, and close sales.

Sellers need to educate themselves on recent area sales to price land competitively. They also must extensively promote the property through online and print advertising channels. Finding suitable buyers and negotiating appeals pricing and terms also takes patience and effort.

Navigating these key steps and the many smaller tasks involved does take significant time for land sellers. So, what is the typical timeline? Selling land in Oklahoma can realistically take 6 months to 2 years on average if pricing it fairly and marketing it sufficient to find interested buyers.

Those with small residential plots in rapidly developing areas may sell in months if demand is high. But those with 5-50 acre rural properties or large 100+ acre parcels often take much longer without aggressive marketing and flexibility on pricing.

Some key factors impacting timelines include:

Location & Accessibility

Centrally located parcels near highways or development areas tend to sell fastest. Remote rural land with limited road access or improvements requires longer search for suitable buyers. Lands with mineral rights or oil/gas leases may also sell quicker.

Pricing Strategy

Land priced appropriately for its location, acreage, zoning, and condition tends to sell quicker than overpriced properties eventually needing price drops. Reasonable sellers fare better. Those pricing high must wait for perfect buyer fit.

Marketing Reach

Hard-to-find listings only posted locally won’t gain much notice. Multi-channel marketing across print, digital, signs, flyers, and real estate agents is key to wide visibility of the sale opportunity.

Economic Conditions

Hot real estate markets speed sales as buyers fear rising rates or prices. Recessions slowing construction expansion lead to land market declines, extending sale timeframes. Market timing plays a role.

Motivated Sellers & Buyers

The more firm sellers are on price and terms, the faster deals happen typically. Those open to negotiations sell faster than stubborn sellers refusing anything but full asking price. Having some pricing flexibility keeps buyers engaged in negations rather than walking away.

Patience is Key

Rushing sales often yields low offers as you must take the first ones that surface. Allowing 6-12 months marketing reach often enables high offers later from best-fit buyers. Avoid settling for first lowball bids out of hurry. Stay patient.

For those needing to sell land quickly for cash in Oklahoma due to emergencies or unable to wait months/years, companies like Land Boss buying and selling properties across the state can make fair cash offers and close in days rather than months. However, these accelerated offers are typically 10-30% below full market value.

Key Steps to Sell Land in Oklahoma

Selling vacant, rural, or other land in Oklahoma involves several key steps:

Research Local Land Values

Those inheriting family land or purchased plots years ago first need to educate themselves on current area land rates per acre. Land values can shift over time based on factors like location, terrain, road/utility access, mineral/water rights, zoning permissions, and general demand for types of land. Work with a local real estate brokers and appraisers to determine fair market asking prices for your particular parcel.

Prepare the Property

While optional, taking steps to make your land more attractive to buyers can help it sell faster and for higher prices. Basic preparations can significantly boost perceived value. This can mean clearing brush and overgrown areas, removing debris or rubbish, ensuring proper drainage, marking boundaries, or even demolishing unwanted old structures if eyesores. Buyers want usable, maintained land. View the property from their perspective.

Complete Legal Groundwork

Ensuring clean legal title and fully documenting the written property description, plot boundaries, easements, and other details upfront also avoids delays later. Work with your legal counsel to complete title search, document reviews, and initial filings or transfers of deeds. Get professional surveys if plot lines or acreage amount are not clear. This due diligence protects you legally once buyers are ready to transact.

Market the Land Extensively

Simply placing a basic For Sale sign or online listing may bring some potential buyer calls but is rarely enough. You need to extensively promote the property via multiple advertising platforms from print ads to digital listings to land sale websites. Target both local market home buyers and those from outside the area looking to buy land in Oklahoma. The broader the marketing reach, the more efficient matching with ideal buyers.

Find Motivated Buyers

The key is connecting with buyers more actively in market for your type of land - those likely to make offers whereas those casually searching may take longer to bite or lowball you. This means very persistent marketing outreach via calls, emails, even printed mailers to potential buyer segments like investors, farmers, or developers. Networking with land-focused investors and brokers also taps into existing buyer leads.

Negotiate Win-Win Pricing

Most initial offers will come in below listing price. Sellers need to clearly convey what’s valuable and unique about the property to negotiate better pricing. Compromising on price is often necessary, but counteroffers can meet partway. Other terms like seller financing, land leases before sale, or land contracts over time can also bridge gaps between bid prices and asking prices. Work towards win-win deals.

Handle Sales Contract Details

Initiating land sales is just step one - you must carefully handle all details during sale execution. Work closely with title companies, lawyers, surveyors, local county clerks, and others needed to fully complete the transaction. This includes due diligence items like clean title confirmation, complete legal descriptions, or environmental reviews that protect buyer and seller interests in the deal. Don't risk delays from small process issues.

Patience Pays Off

While the sales process can be lengthy, those committing to the full cycle of pricing right, marketing sufficiently, finding good buyers, and negotiating win-win deals are most likely to maximize their land sale outcomes in Oklahoma. With realistic expectations on timelines and concerted efforts, land owners can successfully sell at appealing prices within 6-12 months typically.

Tips for Successfully Selling Your Land

Follow these tips when attempting to sell your land in Oklahoma:

• Consult multiple land professionals to set competitive asking prices reflecting current area rates and land condition. Ensure you have supporting comps and input from appraisers. Price too high and sales can stall.
• Take steps before listing to make the property visually appealing like clearing overgrown areas, filling wet zones, or removing unwanted buildings/vehicles. Perceived condition strongly impacts prices buyers will offer. View it objectively from a buyer’s eyes.
• Market across both local and national advertising channels, including both print and digital platforms. Target those likely to need your type of land for farming, residential or commercial development use.
• Be prepared to negotiate on pricing and terms if needed to drive deal progress and close sales. Avoid rejecting all but full-price offers outright early in the process. Leave room to meet in the middle.
• Partner with qualified real estate attorneys, title company closing teams, county deed processors and land survey crews to handle process details and paperwork correctly. Don't risk delays from process issues.
• Explore partial seller financing, land leases before sale closing, or land contracts over time if buyers cannot get full mortgage financing initially. Flexible structures can help deals progress that may otherwise stall.
• Consider accelerated cash sales via local land buyers, if maximizing sale price is not the top priority. Their offers come in lower typically but sales close fast and relieve you of marketing burdens.

While selling land in Oklahoma can be lengthy, setting fair asking prices, marketing diligently to suitable buyers, and flexibly negotiating deals can optimize outcomes. With realistic expectations on timeframes and following sales best practices, land owners can succeed selling at good prices within 6-12 months typically.

Frequently Asked Questions (FAQs)

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

On average, selling a vacant land parcel in Oklahoma takes 12-24 months. Rural or remote properties may take even longer unless priced motivate and marketed aggressively. More desirable parcels in developed areas can sometimes sell in 6-12 months.

What steps can I take to sell my land faster?

Strategies like competitive pricing, adding visual appeal, wide marketing outreach, getting surveys/titlework done upfront, being flexible on terms, and partnering with land-focused real estate agents can help accelerate land deals. Being open to negotiations also speeds sales.

Does my land need to have utilities available to be sellable?

Not necessarily, much vacant land in rural areas lacks utility access. As long as buyers plan to use land for recreation, agriculture or hold for future development, lack of current utilities does not deter sales. But accessible utility lines may expand buyer pool to those looking to build homes or other structures sooner.

Will I need to come down significantly on my asking price to sell?

Some negotiation is common, but if priced right for location, condition and market trends then sales within 10% of asking prices are feasible. If pricing too far above comps, bigger reductions might be needed. Setting price based on professional input optimizes outcomes.

Should I consider offers from land buying companies or hold out for higher bids?

Land buying firms like Land Boss purchase for cash fast but often at below retail prices. Weigh if maximizing price is worth waiting potentially years for sale vs quicker cash out but at steep discounts. There are merits to both options depending on position and needs as a seller.

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