REAL ESTATE We have had our home on 60 acres on Q: the market for some time and no action. Do you have suggestions for selling it? Dick Phelps The most obvious suggestion would be to A: lower the price. Before doing that, current sales need to be researched to determine if your asking price is still relevant. Another method I have used to sell a home which has an extra amount of acreage is to change the listing to the home on a smaller parcel of land and also reducing the price proportionally. For example, in your case, change the listing to be home on 5 or 10 acres with additional acreage available. The lower price puts the home within the price range of more people, improving the chances of selling. Often times the buyer of the reduced acreage would love to have the additional acreage but are not qualified for the necessary amount. This gets your home sold. After the sale of the home, we can then put the additional acreage on the market. The surprising aspect of this method is that when the additional acreage sells, the sum of the two sales is often greater than the original price the two together would have sold for. If the buyer of the home and reduced acreage is serious about purchasing the additional acreage in the future, you can grant them a Right of First Refusal on the additional property. After the sale of the home you put the additional acreage on the market. When you receive an offer on the additional acreage, the buyer of your home can exercise their Right of First Refusal and match the offer. If they are unable to purchase it at that price, you would then accept the other offer and sell. The current market is hot. We are low on home inventory and selling prices are high. If you have considered selling, contact your Realtor or me to determine the value of your home in today's market and discuss the process of selling. Century21 For Questions Contact: Dick Phelps 218-766-5263 rphelps@century21dickinson.com DICKINSON REALTORS REAL ESTATE We have had our home on 60 acres on Q: the market for some time and no action. Do you have suggestions for selling it? Dick Phelps The most obvious suggestion would be to A: lower the price. Before doing that, current sales need to be researched to determine if your asking price is still relevant. Another method I have used to sell a home which has an extra amount of acreage is to change the listing to the home on a smaller parcel of land and also reducing the price proportionally. For example, in your case, change the listing to be home on 5 or 10 acres with additional acreage available. The lower price puts the home within the price range of more people, improving the chances of selling. Often times the buyer of the reduced acreage would love to have the additional acreage but are not qualified for the necessary amount. This gets your home sold. After the sale of the home, we can then put the additional acreage on the market. The surprising aspect of this method is that when the additional acreage sells, the sum of the two sales is often greater than the original price the two together would have sold for. If the buyer of the home and reduced acreage is serious about purchasing the additional acreage in the future, you can grant them a Right of First Refusal on the additional property. After the sale of the home you put the additional acreage on the market. When you receive an offer on the additional acreage, the buyer of your home can exercise their Right of First Refusal and match the offer. If they are unable to purchase it at that price, you would then accept the other offer and sell. The current market is hot. We are low on home inventory and selling prices are high. If you have considered selling, contact your Realtor or me to determine the value of your home in today's market and discuss the process of selling. Century21 For Questions Contact: Dick Phelps 218-766-5263 rphelps@century21dickinson.com DICKINSON REALTORS