Blog

Inventories are low and buyers are searching. Potential sellers often ask me what time of the year is the best time to list their land. My response has been... yesterday. LOL. When I started out in this business, I told folks it was like working a teacher's schedule, busy from the end of August until mid-May. In the summer things softened as folks were on vacation and were also not fond of walking the woods in Michigan's mosquitos and humidity. Over the past 5 years real estate has been ramping up. Now, most hunting land sales folks will probably agree, there is very little down time. Outdoor buyers are always up for a wander in the woods, hoping to get ahead of the next guy who's looking for the same thing.

I think there's a few reasons for the growing land market. In the past, vacant land sold as either cash or land contracts. Not many banks participated in vacant land financing, and they often were only interested in land buyers looking to build homes. Now we have banks that specialize in vacant land financing and don't require that buyers build. In fact, there are banks out there now offering 30-year terms for outdoor recreational properties.

Another reason I see for the recent vacant land sales increase is the housing shortage. Home buyers who can't find the home they want due to the shortage of house listings have taken to buying their own land and working at having a new home built. Now they can choose the land that fits their needs and build the home they want. The last reason for the increase, I think, is brought on by the Covid pandemic. More and more companies are now offering their employees the option to work remotely. Meaning you no longer have to live near your employer. Pretty sweet deal, I think. I know I sure didn't look forward to those long drives back and forth to the worksite. Much more enjoyable to log in at the home office, overlooking that trout stream that runs thru your back yard. Considering selling your land? I'd be happy to answer any questions you may have.

- Rick Patridge