Wouldn’t it be helpful if everyone could share their experiences with brokers in a public place? We could all learn the good, the bad, the ups and downs. I would like to be the first one to share my most recent experience.
I went to a real estate agent to inquire about how realistic it would be to sell a piece of land in the Rocky Mountains. I was interested to view a comparable market analysis and see what was out there and what it was selling for.
Upon sitting across the desk, I got much more information that I was expecting. The agent swiveled her computer monitor my direction so I could see that the land’s value had dropped 21% over the last year! I have been affected by the decline in the economy as I am sure everyone else has, but not to this extent until that moment in time. Aside from the jaw dropping information, I also managed to acquire some great advice and good tidbits of information
When the snow falls it becomes much more difficult to sell land in the high mountains of Colorado.
The ground freezes and it is impossible to dig a foundation. Many people who buy land are looking to develop it. It is seen as a waste of time and money to buy land during a time of year when work can’t be done on it. Many land sales pick up around springtime in the Rockies.
Having water, septic, and electric run to the property can raise the land value significantly.
I discovered that because there are already many utilities run to the land and functioning that the asking value can be raised as much as $8-10,000! A little light in the darkness for me.
What is selling right now?
The places that are selling are lots with homes on them. The most popular selling price is from 150-200k in Grand County, Colorado. No one wants land because there are so many steals…I mean deals out there right now. Everyone wants to get something for nothing.
Banks are playing catch up.
People are finding homes they are interested in while driving around, but when they ask a buyers agent about putting an offer in no one seems to own it. There are so many foreclosures flooding the market right now that banks are putting paperwork on the backburner until they can get around to it. This way. the banks aren’t showing a loss because it isn’t registered yet the previous owners have already been evicted.
After hearing all of this I decided my best option would be to scrape up the money for taxes and utilities for a little while, at least until the ground thaws, and then chance putting the land on the market.
I was glad I went to and agent who knew what they were talking about regarding selling a home. However, it is also a great idea to go to someone who knows what they are talking about when you are considering buying a home, like a Colorado buyer’s agent. These buyer agents can get you a comparable market analysis, recommendations for local insurance and inspections companies, and financing options. They are also highly skilled at negotiations at closing. Buyer agents will provide complete, 100% buyer representation.