Generally I get pretty excited about a New Year. It may not be 2005, but we’ve certainly bucked a trend over the last year. The land market overall has been pretty soft, but the truth is we’ve had more interest than ever before. I don’t consider tire kicking a sport, so I’m willing to bet that most of inquiries come from buyers that are generally interested in buying land.
One of the biggest problems in the current land market is financing. Although mortgage rates are at all time lows, it’s sad that it’s nearly impossible to get a loan on land. The good news is there are still sellers out there willing to get creative and make a deal work. I know we’re not the only sellers in this market willy to structure financing for buyers, as we are aware that cash is nearly extinct these days.
So if you are a land buyer looking for the perfect property, don’t hesitate to make a deal. If you find something you like, you are better off making an offer and finding terms that are suitable for you rather than just walking away without asking. When you buy a car you don’t pay the sticker price in all cash do you? I sure hope not and if you are that kind of person we’d love to help you :). In reality most buyers in this market need to find a strategy and at Reserve Land we try to offer you a strategy that is unique to your needs.
We expect 2012 to be a good year for land, but at the same time we hope and pray that the economy will actually begin a recovery that’s evident. We wish all of you a Merry Christmas, a wonderful Holiday Season and a Happy New Year!