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Farmers National reports ag land sales up 21% compared to last year at this time.
November 21, 2018
Interest in selling agricultural land is picking up among landowners. Farmers National Co. reported that the amount of land the company has listed for sale is up 21% compared to last year at this time.
“Most of the sales are coming from individuals or ownership groups who are deciding that now is the time to sell,” said Randy Dickhut, senior vice president of real estate operations at Farmers National Co. “They may have recently inherited the land or have 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.”
“Despite the slower land market the past few years, Farmers National Co.'s real estate sales have grown each year, including a solid 5% increase in sales volume this year,” Dickhut said.
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.
“Farmers National Co. is seeing an occasional one of these too, but to us, these are just delayed sales. The auction session may not have generated a bid above the reserve price, but Farmers National Co. agents work diligently between the potential buyers and the seller to get the property sold, most of the time within hours or days,” Dickhut said.
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