The general market conditions are more favorable toward land sales than home sales at the moment. Based on records of Madison County property sales on the Houston Association of RealtorsÂ® MLS site, the median value of non-residential acreage has held steady in the past 3 years at or above $3,500 per acre, while the median value of residential sales has fallen each year since 2007. Falling residential values generally indicate that home prices are being reduced to meet lower demand, and that foreclosed residential properties are destabilizing the local housing market and swinging the sales pendulum toward cheaper, fixer-upper investment properties. While land is viewed by many as a safe-haven for investment cash - and thus can even experience steady sales in economic hard times - residential sales are best supported by strong levels of employment, wage, and buyer confidence. The cash buyers that are in the housing market place will be looking for a deal, and the relatively low number of qualified buyers seeking to buy with financing will be fairly selective in their choice.
The bright news is that in any market, a property that is competitively priced and expertly marketed will attract the attention of qualified buyers. I am still listing and selling and helping my clients succeed every day!