12 Ways to Sell Your Land Faster in Utah

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12 Ways to Sell Your Land Faster in Utah
By

Bart Waldon

Selling land in Utah or any state often takes time, with vacant plots typically sitting on the market for 1-2 years on average. However, utilizing the right approach can help sell your land faster. This article will provide 10 effective tips to help Utah landowners successfully execute transactions more quickly.

Overview of the Utah Land Market

Before diving into the tips, it helps to understand the Utah real estate landscape. The state has seen steady price growth for undeveloped land over the past decade. However, the market remains volatile and demand varies greatly depending on plot location and market conditions in nearby development areas.

For example, land prices can differ drastically between highly sought after areas like Washington County where St. George is located compared to more rural counties. Factors like proximity to National Parks and recreational sites or busy commercial centers impact land valuations.

Additionally, the wide availability of vacant plots makes accurate pricing difficult. Given these factors, flexibility and creativity in marketing and negotiations is key to selling land faster.

12 Ways to Expedite Your Land Sale in Utah

If you are looking to sell your land faster in Utah, consider these proven strategies:

1. Price Your Lot Competitively

Overpricing is one of the biggest mistakes Utah land sellers make. Even if you have an emotional attachment to the property, take a pragmatic approach and thoroughly research prices for recent land sales in your specific county.

Review sale comps that are as similar as possible to your plot in terms of acreage, zoning, and access to utilities. If possible, drive by the sites of recently sold lands to evaluate proximity to your property.

Price your land competitively right from the start for a higher chance of a quick sale. Overpricing can lead your listing to sit idle while buyers purchase more realistically priced options.

2. Offer Owner Financing

Offering your own financing instead of requiring a traditional bank loan can significantly expand your buyer pool. The extra flexibility helps those who may not qualify for other loans, especially for vacant plots that banks hesitate to finance.

Consider terms like less than 20% down payment requirements, longer repayment timelines, and low interest rates favorable to buyers. Handle the approval process yourself instead of involving banks to mitigate financing issues.

3. Market Online & Use Land Listing Sites

Don’t just stick a sign on your land and hope someone drives by. Today’s buyers search for land online.

Creating digital ads on sites like Facebook and LinkedIn allows you to target specific buyer demographics. Additionally, list your property on national land listing sites like Lands of America and LandWatch. These platforms market to buyers actively browsing for land.

You can list for free or opt for premium packages if you want added exposure. Land And Farm, LoopNet, and Zillow also offer good land listing options.

4. Hire an Agent Who Specializes in Land

Not all real estate agents have in-depth land sales knowledge. Your typical neighborhood home seller agent may not understand the nuances of marketing vacant land.

Instead, work with a specialized agent or broker in your area who focuses specifically on land transactions. They will have better exposure to qualified land buyers.

Confirm credentials and make sure any agent is well-versed in the area’s land values, extraction capabilities, development zoning guidelines, and broader market demand. Local expertise levels the playing field with savvy investor buyers.

5. Subdivide Your Property

If feasible based on acreage and local ordinances, create separate, smaller parcels to broaden the pool of eligible buyers. The increased flexibility in purchase options, along with lower price points can facilitate faster sales.

Evaluate access point locations that allow for subdivision into logical sections. The demand for 5-10 acre recreational properties may far exceed demand for a 50 acre site, allowing you to potentially sell pieces faster.

6. Offer Lease-to-Own Agreements

As an alternative financier, consider lease-to-own terms to incentivize buyers who like the property but cannot buy outright. This allows them to lease the property with a portion of payments going towards the overall purchase price over a set timeframe, like 5 years.

The option to buy can be fixed or variable to retain some control in case you need to adjust financial terms down the line. Just make sure lease rates reasonably align with comparable land lease rates in the area.

7. Promote Land Uses Like Hunting or Livestock Grazing

In a state like Utah with an abundance of wilderness, properties suited for hunting, camping, grazing livestock, or recreational/off-road vehicles tend to attract buyers even if other development options are limited.

Specifically highlight these unique characteristics in your marketing materials and ad descriptions to capture buyer interest quicker. Outline potential hunting yields or equipment access paths to convey a property’s capabilities.

8. Build Good Access Roads

Making sure your vacant land is easily accessible with well-maintained roads or paths leading to the site can minimize hesitations buyers may have. It also reduces perceived hassles and risks once they own the land.

Clearly demarcate any easements or right-of-ways for accessing the property through neighboring lots. Eliminate concerns over disputed road access by having recorded permissions in place.

9. Consider Tax Implications

Talk to your accountant about the tax implications of selling your land for a gain if you have owned it for many years. Certain strategies like a 1031 exchange can allow you to sell faster by deferring taxes and shifting funds into similar investments.

For example, selling land you’ve held for over 12 months incurs capital gains taxes that eat into profits. However, a 1031 exchange preserves capital by reinvesting in another like-kind property while delaying tax liability. This can incentivize selling faster without losing value to the taxman.

10. Partner With a Land Buying Company

Companies like Land Boss purchase land directly from individuals at competitive rates using cash offers. This presents land sellers with a faster, simplified sales process compared to traditional listings.

Reputable land buyers have the resources and expertise to market properties to end-users nationally after purchasing your lot. They create value by taking on the challenges of vacant land so owners can liquidate assets quickly.

11. Offer Contingencies Like Mineral Rights

In Utah, the rights to underground resources like minerals often come with land ownership. However, you can make your property more enticing by offering to separate out and sell mineral rights individually.

Many surface land buyers don’t want to deal with mineral leases or extraction complications. Breaking out the rights contingency attracts buyers who just want the surface land while you also market subsurface rights.

12. Bundle Adjacent Lots

If you own adjacent vacant land plots, consider marketing them bundled together at an attractive overall price point. This adds value perception through increased total acreage.

Bundle enough acres for recreational, residential, or commercial usage that buyers want rather than trying to sell smaller sub-standard lots piecemeal. The combined acreage tells an easier development story for investors conceptualizing projects.

Putting It All Together

Selling land brings unique challenges compared to existing homes. Marketing and negotiations require creativity and persistence to attract qualified buyers in Utah’s complex property landscape.

But by using the right combination of the above 12 tips that fit your scenario, landowners can minimize time-on-market and execute smoother transactions.

Of course, outright selling to an established land buying company offers maximum speed and convenience if you are pursuing a cash-out objective when liquidating your property.

As with any major financial decision, make sure to consult experienced real estate professionals in your area to identify the best options for your goals.

Frequently Asked Questions (FAQs)

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

On average, selling a vacant land parcel in Utah can take 1-2 years. Rural or remote plots often take longer unless priced very competitively. Lots near population growth centers tend to sell quicker.

What information do I need to provide buyers when listing my land?

Ensure you have details on zoning, parcel boundaries, easements, utility access, title status, surface and mineral rights, recent comps, and potential land usage. Providing transparency upfront speeds up the buyer's due diligence.

What is the average price per acre for land in Utah?

As of 2023, the median price per acre for vacant land in Utah is approximately $3,300. However, values can range below $500 per acre for remote grazing land to over $100k per acre for commercially developable parcels.

Should I sell my land myself or use a professional?

You can potentially earn more selling the land yourself but the process takes 1-2 years on average. Real estate agents connect you quicker to qualified buyers but charge commissions. Land buying companies purchase your property directly, providing a convenient fast sale.

What are the main factors that impact land value in Utah?

The primary factors are location, zoning regulations, access and utilities, parcel size, surface features like waterfronts, road frontage visibility, potential usage, and prices fetched for comparable surrounding lands.

About The Author

Bart Waldon

Bart, co-founder of Land Boss with wife Dallas Waldon, boasts over half a decade in real estate. With 100+ successful land transactions nationwide, his expertise and hands-on approach solidify Land Boss as a leading player in land investment.

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