This has been a year of extremes. Between blizzards, excessive rain for some and drought conditions for others, flooding, hail storms, an early freeze, and strong winds, there has not been a wilder year for weather in recent (or distant) memory.
Crop yields have been all over the board. Some folks report record yields while others report crops being completely destroyed. Despite all this, we’re fortunate to see steady land sales.
Values for dryland and grass remain stable while irrigated land is softening a bit. As always, these values vary by condition and quality of the property being sold and who owns the land nearby.
Over 70% of our buyers are operators or landowners within a 20-mile radius of the property being sold. Due to a lower rate of return, we’re seeing fewer outside investors purchasing property. Lower interest rates have helped sales. The majority of property sold is a result of an aging generation with an uptick in properties being sold due to financial pressure.
Since the last issue of our newsletter, we’ve sold over 31,514 acres by auction and private treaty. We’ve conducted 12 auctions live or online. We have closed over 62 transactions with the parcel sizes ranging from 13 acres to over 9,000 acres.
In closing, if you’re considering selling or buying farm and ranch real estate, we welcome the opportunity to visit with you. What differentiates Reck Agri Realty & Auction is:
1) Our staff’s experience to handle any transaction,
2) Our aggressive marketing of your property,
3) Our extensive buyer and client database,
4) Experience with 1031 tax-deferred exchanges, and,
5) The ability to offer a CHOICE to sell by private treaty, live auction, or online-only auction to maximize value and/or to solve your situation.
Hope you enjoy this issue.
Thank you for reading!
Marc
