The pandemic has shown that location doesn’t matter as it used to in the past. Many workers now have the flexibility to remotely work from anywhere there is an internet connection. This new reality allows people the freedom to live wherever they want to and no longer have to worry about their daily commute. Families are looking for good schools in quiet neighborhoods and many occupations seeing increased wages, hence, building a home and living the American dream is becoming possible.
If you have considered selling your land but aren’t sure about the timing, the reasons mentioned above and the ones we will mention below will show you why there’s no time like the present.
Here are some reasons to sell your land now and take advantage of the fantastic real estate market.
How Strong is the Current Real Estate Market?
The demand for real estate will remain strong nationally as the country is recovering from the pandemic. Across the country, rental prices continue to rise and in many communities, not only is it challenging to find a budget apartment or home to rent.
Is there any Change Of Plans?
Did you purchase property with the intent to build a retirement home or to use it for some other purpose, and now your plans have changed due to economic hardship or any other personal reasons? If your life plans have changed and you find yourself no longer needing the land property you inherited or purchased. Choosing to sell can bring much-needed financial benefit.
Are the Dues or Taxes Too High?
As the nation faces record-high consumer prices and inflation, many local towns and communities are finding it difficult to keep up with the raising taxes. In addition, as the shift continues to work from home, many heavily taxed states such as California and New York are losing residents as they are relocating to states with lower tax rates.
Mortgage Rates are at their Lowest Level
If you have a good credit score, then applying for a mortgage is the first step in the home-buying process. With a vacant land purchase, it is a great opportunity to design and build your dream home while paying thousands less in interest.
While mortgage rates are higher for land-only purchases, but they are still lower than in previous years. To qualify for a loan on vacant real estate, buyers will typically have to pay a larger down payment. Mortgage companies will consider your intentions to build a home and will often base the rate on that.
Vacant land is a limited commodity. There is only so much of it, and it doesn’t matter if you are looking to buy or sell because the current economic climate is good for business. Low-interest rates mean that new homebuyers can build their dream home at affordable terms, and landowners looking to sell their land can get record prices as they no longer want or need.