How Long Does it Take to Sell Land in Illinois?

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How Long Does it Take to Sell Land in Illinois?

Nicknamed the "Prairie State," Illinois is blanketed by vast, flat stretches of fertile farmland that make it a major agriculture producer. But there's more to Illinois than just corn and soybeans. The southernmost tip of the state has rolling, forested hills bordering the mighty Mississippi River. And of course, there's the glittering Chicago skyline along Lake Michigan, with its world-class cultural attractions, cuisine, sports teams, and architecture. Though largely flat, Illinois offers diverse scenery from bustling cities to rural plains to winding rivers. With its cosmopolitan urban hubs, sleepy small towns, and expansive prairie lands under big open skies, the heartland state has a compelling beauty all its own.

Selling land in Illinois can be a long and complicated endeavor. The time it takes to sell will depend on several factors, including location, market conditions, pricing strategy, and the effort put into marketing. With the right approach, sellers can optimize their chances for a timely sale.

Background on the Illinois Land Market

The land in Illinois has a lot of diversity, from the big cityscapes of Chicago to huge farms with fields stretching out to the horizon. Roughly 60% of the area in the state is agricultural land used for growing crops and raising livestock. Corn, soybeans and wheat are the major crops grown in Illinois farms. The state also has significant livestock agriculture like cattle, hogs, and chickens.

Over the past 10 years, the value of farmland in Illinois has steadily increased. According to data from the United States Department of Agriculture, the average price per acre of Illinois farmland went from around $3,500 in 2011 up to over $7,500 in 2021. Of course, land prices can vary a lot depending on how good the soil quality is, whether there’s access to water for irrigation, and how close the land is to urban areas.

For land that’s not used for agriculture, values are usually highest around Illinois’ biggest cities like Chicago, Springfield and Peoria. Rural recreational properties near lakes and rivers are also able to demand top dollar pricing.

Factors That Impact Selling Time

Selling land is rarely a quick or straightforward process. Several key factors influence the time it takes to sell land in Illinois:

Location - Properties near urban centers or desirable rural amenities tend to sell faster than remote parcels far from population hubs. Proximity to roads and infrastructure also makes land more accessible and attractive to buyers.

Market Conditions - During strong economic times or periods of development, land sells rapidly as demand is high. In downturns or depressed markets, sales tend to be slower.

Pricing - Overpriced land will deter potential buyers and linger on the market longer. Sellers who price competitively improve their chances of selling within their target timeframe.

Marketing Efforts - Effective promotion to qualified buyers can quicken sales. Passive sellers may wait longer for a deal to materialize.

Motivated Buyers and Sellers - When both parties are eager to make a deal, sales happen faster. Deals can stall when one side lacks urgency.

Competition - Lots of comparable land for sale gives buyers options, potentially slowing individual sales. Less competition often quickens sale timelines.

Financing - Deals with financing close faster than all-cash sales, which require buyer financing.

Title Issues - Problems with mineral rights, easements, encumbrances, etc. create complexities that extend sale timelines. Clean titles sell quickest.

Average Time to Sell Land in Illinois

The typical timeframe to sell land in Illinois is 6 months to 2 years. However, it depends greatly on the location, market conditions, and the seller's objectives.

For example:

  • Farmland usually sells within 6-12 months if priced right and effectively marketed to local farmers. But parcels in areas with depressed crop prices could take several years to find a buyer.
  • Rural recreational land near lakes or hunting areas often sells within 6 months during strong market conditions as outdoorsmen seek out these properties. But remote parcels without access or amenities may sit for a year or more.
  • Development land around expanding urban centers can sell in under 3 months when demand from builders is high. But the same parcel could take 2 years during slow economic periods or oversupply of lots.
  • Residential view lots in desirable lake communities frequently sell in under 6 months when activity is brisk. But they could languish during seasonal lulls in demand.
  • Commercial or industrial land in core metro areas can sell in 1-3 months with aggressive promotion to end users. But sites in tertiary markets can require 6 months to several years to secure a buyer.
  • Acreage in far-flung rural locations or regions with stagnant economies may never sell unless the seller is extremely motivated and willing to accept a lower price.

Tips to Shorten Time to Sell Land

Sellers who need to liquidate land quickly in Illinois should consider these proactive tips:

  • Price competitively - Work with a local real estate agent to price your property based on current market comps in the area. Overpricing will deter buyers. Offer reasonable pricing to generate quick interest.
  • Market aggressively - Don’t wait passively for buyers to find your listing. Promote it through multiple platforms - real estate agent, social media, online listings, print ads, yard signs, niche websites.
  • Be flexible on terms - Consider owner financing, rent-to-own terms, land contracts or other creative financing options to expand your buyer pool. All cash deals will sell quickest.
  • Improve access - For rural land, improving road frontage and driveway access will increase desirability. Buyers want properties they can easily access and enjoy.
  • Resolve title issues - Clear up any problems with mineral rights, easements, boundary disputes. Buyers may walk away if factors cloud the title.
  • Subdivide larger parcels - Breaking large acreage into smaller “bite-size” lots will expand your buyer pool. Not everyone can afford 100+ acres.
  • Offer buyer incentives - If the market is slow, consider offering closing cost assistance, price reductions, extra acreage at no charge. Incentives motivate buyers.
  • Hire professionals - Land agents know how to market and negotiate deals. Attorneys can swiftly resolve title issues. Utilize experienced pros to expedite sales.

The seller who prices right and markets aggressively through multiple channels stands the best chance of selling land faster in Illinois. Being flexible on price and terms also helps land sell more quickly when needed.

Average Time for Land Boss to Purchase Land

As a company that buys and sells land, Land Boss can provide a fast, convenient option for landowners looking for an expedited sale in Illinois.

We're able to purchase properties in any condition and location around the state. Our typical purchase timeline is 1-2 months from initial contact to closing. Because we pay cash, sellers don't have to wait around on buyer financing. We handle all the title work and legalities ourselves. And since we buy properties as-is, owners avoid time spent prepping or cleaning up the land before sale.

Land Boss seeks out good value parcels priced under market rates - we may be able to buy your land at a significant discount. But for sellers focused on speed and convenience, you save time not having to list, market or negotiate the sale yourself. Our business model aims to provide landowners an efficient exit strategy when priority #1 is a quick sale.

Key Takeaways

  • For most properties, the typical timeline to sell land in Illinois ranges from 6 months to 2 years, depending on location, market factors, pricing, and marketing efforts.
  • Sellers who price competitively and market aggressively across multiple platforms have the best shot at finding a buyer more quickly.
  • Flexible terms, resolving title issues, subdividing, and buyer incentives also help shorten the time it takes to sell.
  • As a cash buyer, Land Boss can purchase Illinois properties in just 1-2 months for sellers prioritizing speed and convenience.
  • With the right strategy, Illinois landowners can optimize their chances of selling in their desired timeframe.

The process of selling land in Illinois can be lengthy, but savvy sellers take proactive steps right from the start to list and market their parcels competitively. By pricing accurately for their local market and casting a wide net for potential buyers, landowners improve their prospects for a timely sale.

Final Words

Selling land is a multilayered process that demands strategy and patience. For most properties in Illinois, owners should expect a timeline of 6 months to 2 years to find an interested buyer, negotiate a fair price, and finalize the sale. With competitive pricing and assertive promotion of their listing, sellers may be able to shorten that duration. Landowners looking for a quick sale could find that land buying companies like Land Boss provide a convenient exit strategy. However, rushed sales often mean accepting a lower valuation. Across Illinois' diverse landscape from Chicago high-rises to rural farms, landowners seeking to optimize their timelines need to balance pricing, preparation and promotion to get the best and quickest sale result for their situation. With the right approach, both rural and urban Illinois properties can sell smoothly and swiftly.

Frequently Asked Questions (FAQs)

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

In most markets, vacant land takes 6 months to 2 years to sell. Parcels in highly desirable locations can sometimes sell in under 6 months with competitive pricing and good promotion. But remote or secluded properties often sit for over a year before finding the right buyer.

Do I need a real estate agent to sell my land in Illinois?

Hiring a knowledgeable land agent or broker is highly recommended to market your property to qualified buyers, handle negotiations, coordinate title work, and close the sale. DIY selling is risky. Agents have access to listing services, advertising channels, and a ready network of cash buyers.

What steps can I take to sell my Illinois land faster?

Strategic pricing, aggressive marketing, flexible terms, and incentives for buyers will help land sell faster. Also resolve any title issues, improve access to the parcel, and consider subdividing large acreage. Hiring pros expedites the process.

Should I consider offers from land buying companies?

Companies like Land Boss provide a quick and convenient sale option. However, they will likely pay below full market value. Consider them if you need to sell quickly or struggle to find buyers. But hiring an agent may secure you a higher price.

How much does it cost to sell land in Illinois?

Typical costs are 6% real estate agent commission, 1% title fees, plus legal fees for closing documents. Total sales costs often range from 8% to 12% of the sale price. Consider these expenses when pricing your land.

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