Interest Rates Continue Driving Buyer Decisions
“What we’re seeing in 2024 so far is kind of a static market. We have a lot of buyers and farmland prices are holding strong. [In terms of] factors that will affect that, we all think of interest rates because they changed so much last year and the Fed is meeting today for the first time in 2024. We don’t expect any changes from that announcement. Right now, the values are holding strong. We do not anticipate hyperinflation like we’ve seen over the past couple of years, but we do anticipate those values to remain static,” stated CEO of National Land Realty Ronnie Richardson earlier this week during his interview on RFD-TV.
Richardson spoke to the current market conditions he’s observed across the country and the stability of land values in the first month of 2024. He went on to describe how external factors like drought and high temperatures have impacted farmer yields, leading many to consider selling. He also touched on the ways that global conflicts could impact US land values in 2024.
To round out his interview, Richardson stated, “From a landowner standpoint, the time to sell is when you don’t have to sell. If you’re holding on waiting for something to get better, I would advise you to call a real estate professional like one of us at National Land to start having that conversation and making a plan.”
