How is farmland selling? What is hunting land selling for? These were the topics of the month as sellers started to re-enter the market and our list of buyers continued to grow. Interest rates, commodity prices, livestock, and milk are all low. The stock market has corrected over the last few months from its low, and the Covid-19 topic has a very different opinion from person to person.
What has caught my eye throughout the month were two things: First was land prices, which were stable to up over June numbers, with some of the rural rental properties and recreational properties increasing in cashflow. Smaller hunting and recreational tracts sold between $4000-$8565 per acre… that is not a typo. Buyers of land especially in the recreational and buildable acreage categories were very motivated and looking for the right properties. Second was interest rates, including rate lock term and amortization schedule banks offered on land. I spoke to multiple banks throughout the month offering rate locks 5-10 years, 3.75-4.25%, and 20-25 year amortization schedules. These two things are keeping our market hot for the time being with many buyers looking for land and have created a shortage of inventory.
Land Prices in the month of July, 2020 per acre:Wisconsin Tillable $4200 – $8000Wisconsin Timber $3500 – $5000Iowa Tillable $6500 – $9650Iowa Timber $4000 – $8565Minnesota Tillable $5000 – $7500Minnesota Timber $3000 – $4250
We are scheduling auctions for 3rd and 4th Quarter currently with current auctions scheduled for Sept 23rd, Oct 7th, and Oct 28th. If you know someone looking to sell a property at a listing or auction now is a great time to prepare the photos and videos. Call one of our agents today for a free proposal to find your properties High Point.
High Point is now offering licensed Certified General Appraisals. If you need an appraisal for a loan or for estate purposes, we would be happy to help.
What is Land Selling for This Month
