Sitting on Lots

[Umar S.]

Hi,

I have a few lots which I purchased a few years ago, I'm not in a hurry to sell, although I would rather use the funds elsewhere.

My question is would there any negatives to listing them at a higher price compared to the comps around them, even if its sits for a while?

[Gerald Harris]

@Umar S. great question. If you're not in a hurry to sell the lots and you don't need the money, let them sit for a while, or a better option would be to owner finance these. You can get a high price be offering monthly terms. Offer different types of terms. You can have a 10 year terms option, a 5 year term option and the option that you want at a higher price. Chances are you'd be able to sell the lots a little faster, seeing that most lots listed in the local MLS are listed at higher prices with only 1 option.