Hey there, fellow landowners! The vacant land market across the U.S. has been on quite a journey over the past 20 years.
Many factors have come into play to shape this market, from the advent of technology to shifts in the economy and changes in buyer behavior. Let’s delve into the five main ways that the vacant land market has transformed over this period.
The Emergence of Direct Buyers
One major change that has occurred in the vacant land market is the rise of direct buyers. Earlier, selling a vacant lot mostly involved listing it on the Multiple Listing Service (MLS), which was time-consuming and often involved hefty commissions.
Nowadays, many sellers opt to collaborate with direct buyers, usually investors or companies that purchase land promptly and efficiently, often with all-cash deals. This method proves advantageous for sellers who wish to sell swiftly or sidestep the intricacies of listing on the MLS. Here, at EagleView Land Sales, we pride ourselves on assisting land owners in selling their properties directly, thus saving them both time and money.
Technological Advancements
Over the past 20 years, technology has redefined the way vacant land buyers and sellers can access a plethora of information, explore listings, view photographs and videos, and even take virtual tours of vacant land from the comfort of their homes.
Buying and selling vacant land has been growing ever more complex.
On the other hand, technology has made it easier for sellers and buyers to connect with each other directly. Platforms like Facebook and Instagram, along with email marketing and other digital tools, have made it easier than ever to find the right buyer for your land.
A Revolution in Consumer Behavior
Changes in consumer behavior have also influenced the vacant land market.
Today’s land buyers and sellers are much more well-informed, self-reliant, and proactive in their search for vacant land, thanks to the wealth of online information.
At the same time, both sellers and buyers have also gained more knowledge about the selling process. They’re now more likely to conduct their own research and participate actively in the sale of their property. This has made reliance on real estate agents to sell a piece of vacant land for you much less of a consideration.
Economic Influences
The economy has had a significant bearing on the vacant land market over the last two decades. The real estate sector is strongly tied to the overall economic health, which has seen its share of ups and downs, from the housing bubble in the early 2000s to the current state of inflation and interest rate increases.
Despite economic uncertainty causing a more prudent approach to land transactions, the vacant land market remains resilient, offering ample opportunities for both buyers and sellers.
Today, the economy is once again in a state of flux due to inflation and a spike in interest rates. This has resulted in a more cautious approach to land buying and selling, as buyers and sellers alike are uncertain about what the future holds.
Growing Trend Towards Rural Living
Another noteworthy trend that has influenced vacant land dynamics in the last two decades is the growing preference for rural living. With the rise of remote work opportunities and the desire for a more balanced lifestyle, more and more people are seeking out vacant land in rural and semi-rural areas.
This shift in lifestyle preferences has created a surge in demand for vacant land, particularly in regions that offer a blend of natural beauty and modern amenities. This trend is likely to persist, further reshaping the dynamics of the vacant land market in the years to come.
Digital Tools in Land Evaluation
An important aspect of the transformation in the vacant land market over the past 20 years is the use of digital tools in land evaluation.
In the past, assessing the value of vacant land was a time-consuming process that involved on-site visits and manual measurements. Now, technologies such as satellite imaging and Geographic Information System (GIS) have revolutionized this process.
These tools provide vital information about the land, including topography, soil type, and nearby infrastructure, enabling both buyers and sellers to make informed decisions. This means faster and more accurate land evaluations, accelerating transactions in the vacant land market.
Environmental Shifts
An increased focus on sustainability and energy efficiency marks another shift in the vacant land market over the past 20 years.
Modern land buyers are environmentally conscious and are on the lookout for land parcels with potential for energy efficiency. This has been spurred by the growth of green building practices and the adoption of renewable energy sources like solar panels.
The vacant land market has experienced considerable changes in the past two decades. The ascent of direct buyers, technological progress, shifts in the economy, and environmental considerations have deeply affected both buyers and sellers.
As we gaze toward the future, it’s intriguing to contemplate how the vacant land market will continue to evolve and adapt to new opportunities and challenges.
If you have questions about the market for vacant land in your area, give us a call today at (888) 303-4424! Our creative solutions and advanced technology are on the ready to help you transform your land into the cash you need to meet today’s needs and tomorrow’s hopes and dreams.