Quick Question on Market Value

I want to sell my land, how do I find out what a fair market value of it is so I don't sell too low or too high? I have looked at the values in my area, and they vary. Is there another resource?
Thanx in advance.

"All property is worth what the buyer is prepared to pay for it."

I forget who said it, but it's true.

You could just look at the search for simillar sized/located parcels, but your aim should obviously to wring every last L$ out of the buyer that you can

Start high, and slowly lower your price until it sells.

Looking at what land in a particular area is priced at doesn't help much... it tells you what people WANT to sell their land for, but it tells you nothing about what buyers have actually paid.

Assuming you are on the mainland, you can check the land sales search to see what the current base price is. Set it to search only mainland, and uncheck the boxes limiting by L$ and sq m. Run the search, and if it isn't set already, click the L$/sq m column head to sort by that (cheapest first). This will tell you what the current base price per square meter is. To give you some idea, last night it was hovering around 6.1 - 6.2 L/m

If you price your land right at the base, it will probably sell very quickly (assuming the base doesn't go down right away). The higher you price it above the base, the longer it will probably take to sell.

Some features, such as a protected border, might make the land more valuable, but pricing high will still slow down your sale.

So...

1) If you need to sell NOW, price it at or slightly below the base price.

2) If you need to sell in the next few days, price it so that it falls on the first 1-3 pages of the search results.

3) If you can wait to sell (like if the sale won't actually reduce your tier), price it higher, market it well, and wait to see if a buyer finds you.

**Note: for #1 and #2, keep an eye on that base rate. If it keeps going down, you might have to reprice your land to keep it high up in the search results.

i just bought 16m for a ridiculous 4999........ but refused to buy a 1024 lot for 12,999. no reasoning, just buying out the ad farm.

so, it's really the buyers' discretion. get what you can for it.

Just adding another quick marketing tip...

When you decide to sell, it's a good idea to notify your sim neighbors. People often want to buy more land in their sim to expand their buildable space or add to their prim allowance, and they are usually willing to pay above the base price for it.

Thanx everyone for the quick replies. Ava, great tips to tell a novice, it helped out a lot!!

Also, keep in mind that if you set your lot to go fast at an extremely low price, chances are it'll get bought up and flipped by a land bot in about 30 seconds; it will then be set to sale for about L$500 more than you sold it for. And if worse comes to worst, your land will be divided up and sold as 16m parcels, or "ad farms," those hideous things with tons of spinning adverts. I'd set it a bit higher than minimum, in other words.

Send IMs your sim neighbors letting them know you are selling. Your land has the most value to those looking to expand or add prims to their land.

Lack of eyesores and having nice surrounding raise your value.

Be aware that you are selling in a market that has not been this depressed in over a year. So it's not the world's best timing.

EDIT: Whoops, Ava already gave you tip #1.

Guess you're down to 44% now, Raymond.

People buying out ad farms is why the ad farmers can stay in business. =/

Some things that can enhance the value of your land:

It's next to water
That water is included in your parcel, or not eligible for ownership by anybody (e.g. Linden-owned protected)
It's next to a roadway or water channel owned by Linden as a right-of-way
Surrounding parcels are attractive
Scenic view
Low lag
"Older" sim (one of the western continents, for example)
Easy for unskilled people to build upon (e.g. relatively flat)
Etc.

Some things that can detract from the value of your land:

It's landlocked
Proximity to 16m2 parcels
Proximity to annoying advertising
The side of a steep slope
Completely water
High enough elevation that clouds pass through
Surrounding parcels are unattractive
High lag
High traffic sim caused by camping
Etc.

The bottom of the market is generally made up of parcels that fall into the 2nd category. The more your parcel falls into the 1st category, the more you can charge for it...until you start setting your price above what others with COMPARABLE properties are charging. You sell fast by setting your price at what others with inferior properties are selling for.

Even in today's market, there are people who can't find what they're looking for: the right combination of features, price per m2, and size.

I use our psychic connection to steal all your best material.

I am thinking of something right now...rhymes with "thigh".

Wow, at that price I think I'll convert all my land to 16 m2 ad farm plots. Interested?

If your land is in an older, well-established (non ad-farm blighted) sim where there aren't too many other plots for sale, then, in my experience, you could expect to get at least twice the current base rate for land, and your neighbours will almost certainly be interested to buy (even if they are not adjacent - they can still use the prims as long as it's the same sim) so it is well worth approaching them.

If you've had the land for a while, you'll know whether other plots in the sim have been selling at the prices they're on at - or not. For example, there is one 1024 plot in my sim for sale at L$1million; it's been for sale since at least January, and of course it will never sell at that price...

Conversely, if you're in a newer sim where almost every parcel is for sale, the advice Ava gave you about search results is good.

Good luck!

True ..

*it's pure extortion..and nothing less...

ok, so I weighed everyones advice and posted my land for sale. But when I went back to the property to make sure everything was removed, etc... I noticed when I click the about land tab, it doesn't have the option to buy the land highlighted and also when I right click on the land and it brings up the pie, that option to buy isn't highlighted either. Did I do something wrong when I submitted the parcels for sale or is it because I am the owner looking at these things?

pig-stye

You don't get an option to buy your own land.

That is exactly why. You can not buy from yourself so that option will not be open to you. But you should still see the selling price listed in the main tab of "about land".

Thanks Lincoln, that's what I needed to know. I wanted to make sure the land was sellable to someone else.

*sigh*

Hi guy!

I try to eye the reason why
the spy would cry farewell goodbye.
I sip my chai, play jai alai,
ask Bill Nye the Science Guy.

Too shy to try the Thai stir-fry,
to buy a tie or dye the sky,
I fly to vie with Captain Bly,
drink his rye and yell aye-aye.

I cry out fie, defy the lie,
and by and by, refuse to die.
The end is nigh, my hopes are high,
I can’t deny...

My guy wants PIE!!!