The good news is land prices seem to have peaked, and may have dropped a bit in the past year. The bad news is commodity prices and interest rates are low. If commodity prices continue to stay low, farmland prices will decline. If interest rates go up (and they have nowhere else to go), land prices are going to drop.
You need to think long and hard about what that land might go for, and what's the absolute most you're willing to pay. Understand that it's quite unlikely you will be able to purchase the property at a price where it will generate a positive cash flow at today's commodity prices. Are there enough good reasons to buy it even if you'll lose money on it in the short term?
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Today's Featured Article - A Lifetime of Farm Machinery - by Joe Michaels. I am a mechanical engineer by profession, specializing in powerplant work. I worked as a machinist and engine erector, with time spent overseas. I have always had a love for machinery, and an appreciation for farming and farm machinery. I was born and raised in Brooklyn, New York. Not a place one would associate with farms or farm machinery. I credit my parents for instilling a lot of good values, a respect for learning, a knowledge of various skills and a little knowledge of farming in me, amo
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