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How long did it take you to sell your farm?

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  • How long did it take you to sell your farm?

    We are moving, and have a contract on another facility. My place went on the market last week, and although my realtor did get a few inquiries, no one has been out to see it yet. She told me that higher end properties do not sell quick like average single family homes, and she is not worried about it. Of course, we do need to sell our current place to kerplunk a down payment on the new place and I'm a worry wart about these kinds of things. The price tag is accurate for the location, size and ammenities of the facility. The real estate market in my area is really really hot right now, and I expected to have more action!
    Man plans. God laughs.
  • Original Poster

    #2
    We are moving, and have a contract on another facility. My place went on the market last week, and although my realtor did get a few inquiries, no one has been out to see it yet. She told me that higher end properties do not sell quick like average single family homes, and she is not worried about it. Of course, we do need to sell our current place to kerplunk a down payment on the new place and I'm a worry wart about these kinds of things. The price tag is accurate for the location, size and ammenities of the facility. The real estate market in my area is really really hot right now, and I expected to have more action!
    Man plans. God laughs.

    Comment


    • #3
      My parents just sold their house in Reno in jan. that was on the market for 4 years.It was an absolutely beautiful place but the market for higher end properties out there is a little soft.They finally had to owner finance it to sell.

      Comment


      • #4
        It took 6 months to sell the first farm (6 acres with a small house and an 8 stall barn). Asking price, $150K. Selling price, $150K. That was in 2001.

        If we sell the current farm, (25 acres, 3/2 apartment above the barn that is VERY nice, efficiency apartment for helper in the 40X48 shop, 11 stalls, A/C tackroom, full bath, beautiful board fencing instead of no-climb, lighted arena), we've been told it will market 1.1 to 1.3 M. I assume that would take MUCH longer to sell. You never know, though.
        Beth Davidson
        Black Dog Farm Connemaras & Sport Horses
        http://blackdogconnemara.com
        visit my blog: http://ponyeventer.blogspot.com

        Comment


        • #5
          We actually had an inquiry about our old place (5- acres, 7 stall barn, rambler with finishged walkout basement), before we officially put it on the market. But it still took 4 months to get to settlement. We didn't get any other offers while it was on the market.
          Janet

          chief feeder and mucker for Music, Spy, Belle and Tiara. Someone else is now feeding and mucking for Chief and Brain (both foxhunting now).

          Comment

          • Original Poster

            #6
            So I guess the question is, do I want to be homeless with 3 horses, or own 2 farms at once?
            Man plans. God laughs.

            Comment


            • #7
              The place we bought last Aug. was on the market for 2 years & went down in price $200,000 before we bought it.

              On the other hand, I've known of multimillion dollar places that sold to the first person who looked.

              Who knows?

              Comment


              • #8
                Like Evalee said... it's luck.. Do understand that the banks like the buyer to have a substantial down-payment. They don't want to get stuck with land. A home in a suburban sub-division is a lot quicker to sell. Bottom line.. it's like fishing .. you're after the lunker bass, not the small fry with big horse ideas.
                Equus makus brokus but happy

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                • #9
                  Gosh...I am almost afraid to post this...We sold our farm last year in 2 days for our asking price (around $750,000).
                  The same farm we put on the market 5 years prior when my husband got transferred for $475,000 with no lookers or takers. When we found out we were getting transferred back we immediately took it off the market. Goes to show that in regards to horse properties it takes the right person. If a looker is not into horses alot of ammenities on a horse farm will have no meaning or value.
                  Member/Founder of the \"Well Endowed Craniums Clique\"

                  Comment


                  • #10
                    You DO need to allow 3 - 5 months for closing, too. If anyone is trying to get anything unusual in the way of a loan (creative financiang, commercial financing, etc.) they will need longer to get all the paperwork done than a regular house closing. The bank COULD require an EPA Phase 1 or a more extensive appraisal, for example.

                    Comment


                    • #11
                      Flash where is your farm?

                      Comment


                      • #12
                        You need to put a really cute grey mare in your pasture. Then it sells right away. We privately boarded our mare at two farms that went on the market. Each sold with in a couple of months of moving the mare in.

                        Comment


                        • #13
                          Where you are matters.

                          How much of the value is in the house and how much of it is in the land/horse improvements?

                          Is the house in tip-top move-in showcase shape? If not, can you make it so? Investing a couple of thousand in repairs and quick updates/cleanup can return its value easily.

                          Put all your clutter in storage, paint, mow, plant some colorful flowers out front (or just buy those ready-made color boxes at the nursery). Make sure your listing has lots of photos and get the flyer/ad out to your local horse publications & bulletin boards. Are the photos great? If not, retake them until they are. Have someone give it a critical fishy eye.

                          And agree with jherold, a couple of good looking horses in the front pasture will add curb appeal.
                          If you are allergic to a thing, it is best not to put that thing in your mouth, particularly if the thing is cats. - Lemony Snicket

                          Comment

                          • Original Poster

                            #14
                            I have a gray mare in the pasture! We are just north of Westminster, MD (in MD), easy access to oodles of show facilities every weekend. House is in tip top shape, immaculate, landscaped, ring kept harrowed, went to the dump and Sal Army already...

                            If you go to homesdatabase.com, put in the MLS number CR5224464, or to
                            http://community.webshots.com/user/karenhammond444 and look at album Farm 2005 you can see pics.
                            Man plans. God laughs.

                            Comment


                            • #15
                              GOOD LUCK! We put our place on the market in January....the first guy to look at it made an offer....[full price!] the offer was put in late in the evening so, our realtor said she'd meet with us the next day to go over and sign...the next morning, I got a call at work...the buyer's decided he's too nervous to have me present it to you...wants to wait a couple days'....so, we said whatever...since the place had only been on the market a day! About 5-days later, I get a call...'he's decided he wants the place...was prepared to go to 'war' if there were any other offers.....there were none...so, we signed the contract. Closing was scheduled for early April...we placed one of our mares in a riding school, as we would have to 'scale back' on horses...to move to the new place...which we had a contract on as well.

                              ONE WEEK...before closing...the buyer backs out! Our property didn't appraise at the price listed, and so he got 'cold feet'...backed out...

                              We had moved most of our furniture into storage, and were looking forward to moving into the new place....dreams went up in smoke!

                              We could have taken the guy to court..but, we figured what good would that have done?! So, it's over...and now, hubby's too afraid to put the house back on the market...we only had it listed for 3-months.

                              This has been awful for my family!

                              Best wishes to you, and I hope things go well.

                              [note; this isn't the first house we've sold/tried to sell...the other closings went great without a hitch....this one's just been a nightmare that I wouldn't wish on ANYONE!]
                              Fox Call Farm
                              Berryville, VA

                              Comment


                              • #16
                                Horse farms can be tricky...friend of mine is a realtor..she says they either sell immediately OR sit forever...just depends on when a horse-barn shopping person comes into the market...of course I do know of someone else that put their mini-farm on the market and it sold in one week to a NASCAR driver...they saw the barn as a quick shop....its all just luck.
                                PROUD MEMBER OF THE \"OMGiH I LOFF MY MARE\" CLIQUE

                                Comment


                                • #17
                                  6 days...for our asking price... we thought it would take 6 months...talk about shock! AND, they didn't need financing, so we closed in 3 weeks....it was a Very Hectic Time

                                  Comment


                                  • #18
                                    I think marketing is the key. Let the local tack shops know and put fliers up there if you want it to sell as a horse property. In our neighborhood, one place sold before it got listed. 20 acres with a small barn (yucky building. House was an old modular, think 70's doublewide. They paid about 289,000. for it.
                                    Shoulders back, hands down, leg ON!

                                    http://mellvinshouse.blogspot.com/

                                    Comment


                                    • #19
                                      We just bought a 10-acre horse facility in February. It has been on the market for over a year and the price had been dropped by $20,000.00, but it was exactly what we were looking for. It just takes the right buyer.

                                      Two seemingly minor things I would recommend is to paint all your walls a neutral color and rent a storage unit to store as much stuff as you can. Buyers have their own color-schemed furniture and accessories that don't necessarily go with your own, plus it's hard to picture your own furnishings in a house full. Just speaking from experience.
                                      Is it me or do 99.9% of cowboys just look better with their hats on?
                                      <><

                                      Comment


                                      • #20
                                        We sold our old farm in WV through word of mouth (thank you Sarapony!) and never did list it. I probably would have gotten more money out of it had I listed it, but I like the people we sold it to, we lived together IN the house for a short while because my new house wasn't ready and they had to move in.

                                        As for neutral walls, blech. We did not have a single neutral wall outside of closets and the mudroom. I did repaint the kitchen for them, and they repainted the bedroom, but it wasn't a big deal.

                                        Aesthetically, I like all exterior buildings to match, so I'd probably make the run-ins match the barn, instead of matching the house. But, once again, it might not matter.

                                        What I see is that it is a rambler, and those are just harder to sell if they aren't some neat, newer architectural design.

                                        Very nice, and very cute property, but I know that the house at Appelveldt was part of the price not being up to the higher end properties.

                                        And, it has only been listed a WEEK! I personally expect that it will take 6 months to a year when I sell this farm. It is a higher end property, and there aren't as many buyers out there in this price range.

                                        Mel

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