A NOTE FROM YOUR LAND BROKER, CHARLES
Happy New Year! As they all seem to do, the previous year flew by and a new one is upon us. 2023 proved to be a challenging year in the real estate market. We experienced high interest rates and a lack of stability in the economy, which ultimately led to a reduced buyer pool and properties sitting on the market much longer.
That said, December proved to be our best month of 2023 which was a wonderful way to put a bow on a challenging year in ranch real estate. As we barrel into 2024, January is shaping up to be another great month with 6 closings on the books and multiple new ranches that we are bringing to the market.
As I write this I’m inclined to make a bold prediction for what we can expect in the ranch real estate market in 2024, but I know better than to attempt that! What I can say is that interest rates have continued to creep down over the previous months and we are expecting them to continue to do so. This is a great thing for sellers as lower interest rates lead to more buyer activity.
As far as ranch prices are concerned I do not expect that we will see a drastic acceleration of prices in 2024. I guess that the price acceleration of rural land that we experienced in 2021/2022 reset the market, and for the foreseeable future, we will see land appreciate somewhere closer to that 3% year-over-year rate. I guess I couldn’t help myself in making a couple of predictions…..
I again want to thank you for your support in 2023, and please keep us in mind if you or anyone you know is looking to buy or sell land in 2024!
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INDUSTRY RELATED NEWS
Court Sides with Landowner in Fence Law Case Following Collision on Highway
The First Court of Appeals in Houston recently issued an interesting opinion in Arraby Properties, LLC, v. Brown, a case where a driver collided with a cow on a state highway. The case highlights several important points related to fence law and also includes a dissenting opinion that is likely concerning to both landowners and livestock owners alike. 
Paul Brown was driving home from work when he hit a cow on State Highway 225 in Harris County, Texas. He was diagnosed with mild cognitive impairment as a result of the collision.
Eugene and Mary Alice Ybarra, an elderly couple, lived on a 5.8 acre tract of land a few miles from the highway. They purchased the land in 1973 and for at least 5 years prior to the accident they lived on the property and kept a “pet cow.” In 2016, the Ybarras deeded ownership of the property to Arraby Properties, LLC, a company owned by two of Mr. and Mrs. Ybarra’s children, Victor and Troy. Mr. and Mrs. Ybarra continued to live on the land. Two days before the accident, a cow was reported missing from the property, and the cow was never recovered.
Click here for the full article!
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