If you have land in HI, you may be wondering how to sell it. Whether you’re looking to cash out on an investment, or need a quick sale to pay property taxes and get a fresh start, selling land in Hawaii is possible with the right strategy.
Most sellers choose to sell by owner or with a realtor to save on commission fees and expedite the process. But it’s important to understand that this is a long-term process influenced by limited island land inventory, market volatility and buyer variables. If you have the time and patience to manage a Hawaii vacant land sale, you can reap substantial financial rewards.
To maximize your profits, take the time to carefully evaluate your land’s value and the competing offerings in your area. Look at comparable land sales and understand factors that influence land value, such as location, topography, water access and zoning restrictions. By understanding your parcel’s unique qualities, you can determine an appropriate list price that will resonate with buyers.
You’ll also want to invest the time and energy into creating a compelling online listing that is easy to navigate and includes high quality photos and accurate, detailed descriptions of your land’s features. Then use multiple marketing channels to target potential buyers and promote your listing locally and internationally. Lastly, interview several title companies and attorneys and negotiate fair rates for their services to streamline the closing process.
If you’re able to generate interest, prepare for a lengthy 1-2 year transaction timeline as you locate a qualified and interested buyer and close the deal. To speed up the process, work with an experienced real estate company well-versed in unique island land dynamics to optimize your listing’s pricing and exposure and manage tedious transaction details on your behalf.
Whether you own agricultural Sell land in HI in the Big Island, a beachfront plot on Maui or undeveloped acreage in Kauai, the Aloha State is a popular destination for international investors and homebuyers seeking a quiet retreat or a coveted property to build their dream home. As such, land prices are more competitive in the island than other US real estate markets and many homeowners rely on third party lending to fund their purchase.
While anyone can buy land in HI, non-US citizens face extra challenges when it comes to closing. To help mitigate these concerns, work with a local Hawaii-based mortgage broker or bank that specializes in lending on real estate purchases to facilitate your transaction. A local lender will have intimate knowledge of the Hawaii real estate market, including nuances involving liens and title insurance. Additionally, they can provide expert guidance on financing options for foreign nationals and help you avoid common pitfalls.