Posted by paul on January 07, 2015 at 13:30:21 from (76.77.197.114):
In Reply to: Buying Land posted by picassomcp on January 07, 2015 at 08:53:15:
It never really pencils out. More demand nan supply on land....
If you need to borrow 70% you will lose out to those who don't. Land is an investment, folks have $100,000 to $500,000 in their pocket, CDs pay nothing, they want to invest in something....
Best time to buy was 7 years ago, just before the farm ecconomy took off. Totally dumb luck, one doesn't know when that is....
We bought a 40 then, like you describe 8 acres is swamp, 5 acres is 'missing' for road easement and some discrepancies... Anyhow, we paid way, way too much for it back then.
Crop prices doubled that fall, and it got paid off in 5 years; the tax valuation has tripled on what we paid for it, could have sold it for that a year ago...
But - dumb luck. Good timing.
Could easily go the other way; and I think now we are in a period that favors the other way....
Value of th dollar is going up, the economies of the east and west coasts are improving always hurts ag. There are rumblings of inteest rates rising.....
The world has used higher grain prices to produce more themselves, China is getting better at finding other sellers and manipulating markets.
It would all point to hard times on the farm coming up,,and a couple years after that a bit of a land crash. The 1980s again, different this time, but you know the same.
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