Do you have piece of vacant land that you bought 10-20 years ago in a state very far away? It might be time to sell it now before a possible market crash. We are going through some crazy times. First, with corona virus and now with a turbulent Presidential election. The market has been making large swings up and down all year long and this is coupled with massive layoffs in the travel sector.
If things are going so bad why should I sell now? That would be a great question and in most situations all those factors mentioned above would probably detour anyone from selling any property.
But this hasn't been an ordinary year at all. A lot of strange factors are coming together to make- a somewhat depression- into an economic boom.
First there is a severe house shortage in growing markets like Texas and Florida. The economic uncertainty has basically froze the market in terms of motivated sellers. But on the flip side, interest rates have been in historic lows. So we come to a phenomenon that the people who do decide to sell their home- make huge profits. That leaves a huge opening for vacant land. If you have a piece of land the market is very hot right now. There is a huge boom in interested buyers. People who do have a lot of Cash on hand are buying lots up left and right. They are playing a wait and see approach to see if they can cash out when this virus ends and pick a huge profit on the other side. So there have been a multitude of land buyers lately.
Another reason to sell your land to a land buyer is due to fact that the American demographic is completely shifting. People from California are moving in droves to Texas and Arizona. The numbers are so large that it is completely shifting the state from a solid red state to more of a purple state. The same thing is happening in Florida. But instead of people from California more people from New York are coming down to the sunshine state. There are multiple factors that can explain these shifts. These very populated states are heavily taxed and are becoming unaffordable to live. Everybody should know by now about Los Angeles homeless problems. It is is a testament on the high cost of living in the state.