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Max -- a lot of speculators desperate for returns are parking their money in farmland these days for triple what the same land was going for 4-5 years ago (there was a story on this very phenomenon in IOWA on NPR recently.) There are even farmers getting in on the action, borrowing against their own farms in order to buy up overpriced neighboring farmland. Five acres may not qualify as farmland, but I'm thinking now could be a good time to offload your land to one of these cash buyers before the mania ebbs and the bottom falls out...which it always does.
FortWayne
2010 Dec 22, 12:37am
There is a bit of a bubble in the land market right now. Just depends on where, and does it cost you anything to hold on to it?
If it's a good farm land, make use of it.... grow some fruits/veggies if you are not going to sell the land. Land which isn't used does not produce a penny.
What do you think? Is it worth hanging on to land now? Or better to escape during this bump?
Nobody writes land mortgages now from what I can tell. So, nobody can buy from me probably.
Just finished getting my rear handed to me on the tax sale property.... should have known no mortgages exist for under $80K. Almost total loss.
So now I have 5 acres at $100K. I thought I should sell by then dollars aren't any good either. I guess I'm afraid in a few years I'll need the money and be stuck. Right now, times are getting tougher for us and I really don't know if I can continue to pay the taxes on the place. Who knows.
TIA
#housing