After coming through the normally slower time of the land sales season in spring and early summer which was a bit slower than normal, land market activity is now warming up with the weather. Activity at Farmers National Company has been as good as the past several years and business went on despite Covid-19 effects. The buying and selling of real estate is considered an essential business and continued over the past months albeit a bit slower.
Demand for high quality cropland remains good in most areas bringing mostly steady prices. Some of these sales are happening without being on the open market as the sales come up quickly and buyers are found. Lower quality cropland is in less demand which tends to soften price levels. There are also first-time land buyers in the market looking to invest in agricultural real estate.
The outlook for land sales is good as we head into the typically more active fall and winter land selling season. Landowners who are considering selling are reaching out to brokers and potential buyers.
Potential land buyers are also searching for the right property to purchase or are planning ahead for future action. Possible financial stress among some agricultural producers, the direction of the general economy, and the recovery from Covid-19 effects remain wild cards in the land market. Just like weather forecasts, predicting the ag economy can change overnight, so stay tuned over the next few months.