Farmland for Sale Jumps Up 21%
The amount of land that Farmers National Company, Omaha, Nebraska, has listed for sale is up 21% compared with last year at this time, reports the company.
“Most of the sales are coming from individuals or ownership groups who are deciding that now is the time to sell,” says Randy Dickhut, senior vice president of real estate operations. “They may have recently inherited the land or owned it for years, but sellers have watched the land market and some are deciding to take advantage of the still historically good land prices. Some sellers are thinking that there is more downside risk in land prices than upside potential, so for them, now is the time to sell.”
Farmers National Company has sold 3,876 properties and more than $2.23 billion of real estate during the last five years. The company manages more than 5,000 farms and ranches in 28 states comprising more than 2 million acres.
Land buyers are generally more cautious right now causing some land brokerages to experience more no-sale auctions that don’t achieve the reserve price during the public auction session, says Dickhut.
“Farmers National Company is seeing an occasional one of these, to. But to us, these are just delayed sales. The auction session may not have generated a bid above the reserve price, but Farmers National Company agents work diligently between the potential buyers and the seller to get the property sold, most of the time within hours or days,” Dickhut says.