Selling a homestead?

[Childwanderer]

Is there a market for a small functioning-but-in-progress homestead in Texas? We are starting to steep the idea of relocating, but the improvements on our property are probably not the kind that appeal to general resident shoppers.

 

[MatthewsHomestead]

If I were moving to Texas I would be interested! It may take longer to sell since you have a specific type of buyer to find..... My husband and I are spiralling thoughts of watching for a foreclosure on a ranch or stables...... So selling will totally depend on who and how often buyers are looking. With the homestead movement being strong as it is you may not have to wait long. Just my humble thoughts. I'm no realtor......

 

[greybeard]

Is there a market for a small functioning-but-in-progress homestead in Texas? We are starting to steep the idea of relocating, but the improvements on our property are probably not the kind that appeal to general resident shoppers.

From the mouth of my realtor:
In East Texas, especially near a city, small (less than 50-100 acres) tracts sell more quickly and for a higher price/acre than larger tracts.
Why?
There aren't many available. You can find 100-1000 ac tracts for sale all over East Texas, but finding a small place is much more difficult.
If you get down into and below the 5 acre parcels tho, they're a bit harder to sell. Too big for most homeowners and too small for most 'hobby farmers'.
In addition, most counties require a minimum acreage to qualify for ag exemptions. (In my county, that minimum is 20 ac)

 

[Latestarter]

I found my present place here through Zillow and more specifically, Lands of America https://www.landsoftexas.com/ I was looking for a smallish hobby farm of 20+ acres. This place is 19.8. You might consider placing it for sale in one of those two places. Once I had found several properties I was interested in looking at, I contacted a local REA and set up to come here and look at them.

 

[MatthewsHomestead]

From the mouth of my realtor:
In East Texas, especially near a city, small (less than 50-100 acres) tracts sell more quickly and for a higher price/acre than larger tracts.
Why?
There aren't many available. You can find 100-1000 ac tracts for sale all over East Texas, but finding a small place is much more difficult.
If you get down into and below the 5 acre parcels tho, they're a bit harder to sell. Too big for most homeowners and too small for most 'hobby farmers'.
In addition, most counties require a minimum acreage to qualify for ag exemptions. (In my county, that minimum is 20 ac)

I found my present place here through Zillow and more specifically, Lands of America https://www.landsoftexas.com/ I was looking for a smallish hobby farm of 20+ acres. This place is 19.8. You might consider placing it for sale in one of those two places. Once I had found several properties I was interested in looking at, I contacted a local REA and set up to come here and look at them.

both great advice!

 

[Mike CHS]

I have heard people talk down Zillow as being inaccurate but we had previously looked at our place and came back after we saw the price drop of 75%. The listing agency didn't show the drop until several days later and we already had a contract by then.

 

[Latestarter]

Yeah... Zillow is kinda out to lunch with prices. It had my place in CO valued at over 100K less than what I sold it for, and less than what I paid for it. I sold for $253,500 and they now have it valued at $290,508... My place here was valued at ~120K or so if I remember correctly before I bought it. I paid fair market value at 170K. Zillow presently has it worth $139,960 or range of $130-157K. I would guess it would probably be worth about the same as what I paid for it, maybe a bit more. The nice thing about Zillow is that it does actual list prices for properties for sale, & shows last sold dates and amounts for surrounding properties, so even if they have the one you're interested in valued wrong, you can pretty much figure it out.

 

[greybeard]

Zillow doesn't have mine listed in any way, nor does Trulia but Redfin does. It's listed 'off market' but with an appraisal about $100k over the county's most recent market value appraisal.

 

[Bruce]

And how long ago was the last county appraisal?

 

[greybeard]

For this property, it was late June or early July 2018, and the cty appraisal district actually increased it over their previous market value appraisal of it by $80K.