Following record sales in 2021, the rural land market continues to surge this year. This offers opportunities for both sellers and buyers of farm, recreational and other rural land, according to Whitetail Properties Real Estate.
Low property inventories resulting from last year’s strong market point to land values remaining high for sellers. Meanwhile, rising interest rates this year could suggest reduced demand, but that is only one factor.
Alex Gyllstrom, the company’s marketing director, says, “It can be projected that rural land values will stay at the higher end of the market because of current inflation.”
While these factors create a sense of urgency for those looking to sell land, they also present an upside for buyers. Whitetail Properties Real Estate offers advice for sellers to provide curb appeal, document farm value, and get leases in writing. For buyers, the company suggests they work with a rural lender, think long-term, and consider a partnership agreement.