Vermont's land market presents unique opportunities and challenges for sellers. According to the USDA's National Agricultural Statistics Service, the average value of farm real estate in Vermont reached $3,420 per acre in 2023, a 5.2% increase from the previous year. This upward trend reflects the growing interest in Vermont's rural properties. However, the Vermont Department of Taxes reports that the average time on market for vacant land in the state is approximately 180 days, indicating that selling land can still be a time-consuming process. With these factors in mind, landowners looking to expedite their sales need to employ strategic approaches. This article will explore 10 effective ways to sell your land faster in Vermont, helping you navigate the market and attract potential buyers more efficiently.
Let's explore 10 key tips to effectively sell your vacant land faster in Vermont:
Vermont Real Estate Market Overview
Before diving into strategies for selling your property quicker, it helps to understand the current state of Vermont's real estate market.
Vermont's housing market took off during the pandemic as urbanites sought refuge in rural areas. This increased competition and bidding wars for limited housing inventory across the state. However, the market has cooled slightly in 2022. As mortgage rates rise, buyer demand is slowing and price growth is flattening.
However, Vermont remains an attractive market, especially for those looking to relocate from major cities. The state saw its population increase in recent years. With Vermont's high quality of life, low crime rates and abundance of outdoor recreation, it retains appeal for out-of-state buyers. This bodes well for land sellers even amid general cooling in the market.
Tips to Sell Your Vermont Land Faster
- Price It Right
Overpricing is one of the biggest mistakes Vermont land sellers make. Setting your asking price too high will deter buyers and result in your property sitting.
Carefully examine recent comparable sales in your county to gauge an accurate fair market value. Consider adjusting your asking price 10-15% below actual comps to generate interest quickly. Though you want to maximize profit, a lower price creates more buyers competition where bids escalate.
You can always gradually increase your price if there’s high demand. But an overpriced listing price kills buyer activity from the start.
- Highlight Property Attributes
Your property details and listing descriptions directly impact buyer interest and traffic. Beyond pricing, you must showcase your land’s best attributes and selling points to grab attention fast.
Emphasize factors like:
- Mountain views, ponds/rivers or other natural features
- Wildlife sightings
- Recreational amenities like trails/paths, hunting grounds or snowmobile access
- Nearby attractions and towns
- Lot size, road frontage measurements or boundary survey details
- Mineral/water rights or timber value
- Soil quality and buildability
The right descriptive details will make your listing stand out and appeal to buyers browsing Vermont land listings online.
- Invest in Professional Photos
Great photography is vital for any successful real estate listing. With Vermont’s picturesque nature, quality images highlighting your land’s beauty can boost perceived value and buyer urgency.
Hire a professional real estate photographer to capture your property at golden hour with drone and HD video capabilities. Vivid lakeside sunset shots with mountain backdrops will spark out-of-state buyer dreams of future vacation cabins faster.
- List on MLS and Zillow
Listing your property across multiple platforms expands your buyer reach exponentially. This maximizes Likelihood your ideal buyer sees and contacts you sooner.
The main bases to cover include:
- Local MLS: Gain agent/broker exposure plus syndication across regional sites
- Zillow: Most popular real estate search site
- CoStar: Commercial listings site
- Loopnet: Commercial real estate marketplace
- LandWatch: Specialized land and farm listings site
- Land and Farm: Top land auction/for-sale marketplace
- Craigslist: Budget option for direct seller listings
- Real estate agent website: If enlisted one to assist
Casting a wide net across general and niche listing sites ensures you cover both local and out-of-state buyers hunting Vermont land.
- Market to Neighboring Owners
One shortcut to faster sales is tapping those most likely to buy - nearby landowners aiming to expand.
Scope out owners of adjacent lots and craft personal letters pitching your property's sale directly. Customized mailing campaigns to those poised to value your lot's location most makes transactions simpler.
You can identify surrounding owners through town assessment records. With some sleuthing and outreach, this insider method banks on neighbors already invested in the area.
- Be Flexible with Terms
Occasionally a sticking point in land deals comes down to inflexible terms on the seller's part. If you encounter interested buyers struggling with financing, get creative to make the deal work.
Consider options like:
- Owner financing terms at 6-12% for longer close times
- Lease-to-own arrangements
- Reduced pricing for cash offers
- Carrying back portions of mortgages
Especially with today's rising interest rates, flexible payment options can clinch faster sales by bridging budget gaps.
- Sweeten With Add-Ons
Sprucing up your property with small upgrades shows buyers added value beyond dirt. Strategic additions demonstrate existing infrastructure, buildability or forthcoming utility hookups.
Possible sweeteners include:
- Gravel driveways
- Well/septic installations
- Electric/water to site
- Capped foundations
- Backhoe test pits
Even minor site improvements require monetary investment beforehand. But eye-catching upgrades can exponentially boost resale pricing to justify extra costs.
- Hire an Agent or Land Broker
Real estate agents boast extensive knowledge of hyperlocal Vermont markets with connections to facilitate sales faster. Though their commissions eat into your profits, seasoned professionals ultimately sell land quicker.
Agents can:
- Accurately gauge pricing
- Market listings across MLS
- Host open houses and showings
- Filter and qualify buyers
- Negotiate offers
- Oversee closings
Alternatively, specialized land brokers cater to land buyers and investors. Their expertise lies in selling vacant parcels rather than constructed homes. Land brokers directly market to out-of-state buyers eager for Vermont property.
- Advertise Online
Beyond standard listing sites, consider boosting visibility through additional internet marketing channels. Google/Facebook ads target those explicitly searching to buy Vermont land based on geography and keywords.
You can tailor demographics to pinpoint buyers like:
- 35-60 years old
- $75k+ household income
- Interests: skiing, fishing, hunting, horseback riding
- Located in Northeast metro areas
Programmatic display ads through services like Adroll also interject your listing into relevant sites this audience frequents. Dynamic creative optimizes messaging to compel specific action.
- Time Listings Strategically
Luring out-of-state buyers often requires tapping into their travel habits already focused on Vermont. Maximizing visibility surrounding peak visitation gives your listing the best chance of catching a visiting buyer eager to own a piece of Vermont long-term.
The best times to list include:
- Summer (June-August): Prime tourist season showcases Vermont’s beauty
- Early Fall (September-October): Leaf peepers flock the state for foliage
- Winter (December - February): Ski resort traffic reaches yearly highs
Strike while the iron's hot to convert Vermont-loving visitors into permanent residents via your land sale.
Final Thoughts
Selling land swiftly in Vermont demands a mix of the right pricing, presentation and patient persistence. Include dynamic listing details, highlight property potential and lean on real estate agents to advocate your parcel proactively to buyers.
Vermont retains stable demand despite economic fluctuations - so position your lot favorably to court potential buyers upfront. With the above tips, you can effectively capitalize on both local and out-of-stater appetite to sell your land faster.
Frequently Asked Questions (FAQs)
How long does it usually take to sell land in Vermont?
On average, selling a vacant land parcel in Vermont takes around 6-12 months if priced right and marketed effectively. More complex large acreage or plots with buildability constraints may sit even longer. Sellers using the right real estate agent or land broker typically see faster close times under 6 months.
What factors most impact how quickly my land sells in Vermont?
Asking price, property preparation/upgrades and marketing methods most influence selling speed. Realistic pricing aligned with local market value grabs buyer attention quickly. Improving access, driveways or site conditions also expedites sales. Utilizing land brokers, digital advertising and listing across MLS generates more exposure to sell faster.
Should I get my land appraised before selling in Vermont?
Appraisals help sellers accurately gauge property value - but aren't mandatory. Thorough comps research assessing recently sold parcels of similar acreage, location and features will give you an excellent idea of real market value for pricing your land accordingly.
How much do agents or land brokers charge to sell my Vermont property?
Most Vermont agents charge a standard 6% commission while land brokers range from 5-10%. Their cut eats into profits but agents usually sell land significantly faster and at higher prices through expansive marketing and qualified buyer networks.
Should I offer owner financing to sell my Vermont land quicker?
Sometimes - owner financing allows buyers struggling with current lending rates to stretch payments over time while securing sales faster. Just ensure thorough vetting beforehand plus detailed loan terms protecting your investment if they default. Offer interest rates over 6% with 10-30% down payments.
Implementing the right pricing, preparation and marketing techniques lets Vermont land sellers capitalize on both area appeal and buyer demand - translating to faster closed deals.
