East Central South Dakota | I would agree with you on all your points. Agriculture has always been a business of the have's and the have not's and I see that divide widening. Generational strength/wealth is a real force in the market. I don't see land coming down much (maybe slowly) for a couple of years, in my area-----however herd mentality can turn in a hurry. Lots of land for sale in my area, and buyers still coming, but-----------at these prices it doesn't take to many purchase's to burn through cash and equity. There is a lot of money hiding in the weeds for a down turn and will a down turn ever happen if there is money hiding in the weeds ? ? ? Gets to be a paradox. Tara, had a great post on his thoughts of herd mentality below on land.
I believe that most agriculturalists don't have enough self discipline to say no to land opportunities when the herd is buying. I strongly believe the big downturn in Land Prices ( if we stay at these margins ) will be when the BANKER SAYS NO---then land drops faster rate.
I hate to give advice because I don't hide behind a user name---but I think if you keep emotions out of it, you will know it when you see it, when it makes sense to make a purchase. Until then keep some powder dry in cash and equity so when that opportunity shows itself, your positioned. Hate to try to put time on it, but it will be years from now not months.
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Buying land?
