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Activity in the real estate market in 2017 shows sales of horse properties. Website enquiries are bringing me horse property buyers. Horse property buyers are back searching again. This is a good sign because horse properties are a unique section of real estate, they can be residential with zoning for horses or commercial property like horse farms. Because of that uniqueness they are slow to follow other types of real estate in a market recovery.
Horse Property Buyers Should Hire Equestrian Experts
Buyers and Sellers Not Matching on Pricing
There are plenty of choices for horse property buyers in Lake and McHenry Counties, the two areas I serve most for equestrian buyers and sellers. Buyers tend to look in wider areas than one town for horse property. Much comes down to budget and requirements such as ready with fenced paddocks, barns, arenas and ability to either ride or train according to their needs. Every buyer has different needs when looking for a horse property. Sellers need to understand it is not about looking at 20 horse properties and taking pick. Horse property buyers all need and want different things. They also usually have more time to look.
Buyers are well educated, very well educated. Since the real estate tumble, or crash or whatever we want to call it, buyer’s became savvy very quickly. With the internet being a gold mine of information they seek real estate data and well informed real estate agents, and especially buyers agents who sell horse property all the time. They want to understand about pricing because horse properties have a uniqueness not found in general real estate.
One of the biggest areas of over-pricing in horse property is the value of the land. In 2016 and 2017 sellers appear to have not yet understood that land values literally crumbled. Acreage is simply not worth what it used to be. This will be a long recovery.
Horse Property Buyers Are Looking
Sellers may be wondering when buyers are going to come looking at their property. Buyers are not bothering to look when the prices are too high. Here’s the two sides to this:
- A seller might expect a buyer to look anyway and maybe make an offer.
- Seller does not understand the buyer’s perspective.
- A buyer will see an overpriced property and will not bother to look.
- Buyer’s perspective being the seller is not being realistic now, so why would he sell at the market price now.
A buyer will look elsewhere, or wait for price reductions. Selling real estate is business transaction that takes time. No point wasting time. Buyers do not want the hassle of trying to deal with sellers and over-priced properties. Usually the attempt goes nowhere, fast. So they look at other properties that correctly match their needs and budget. While some buyers have time, they don’t have time enough to watch unrealistic sellers become realistic. Usually buyers find another property and move on.
If you are a seller and are waiting for buyers, they are in the market. I have several looking in Lake and McHenry Counties. We are actively looking at properties that are priced right. We are only watching, anonymously, at those overpriced properties. Sellers do not know we might indeed buy their property if the asking price were realistic.