A NOTE FROM YOUR LAND BROKER, CHARLES
I hope that as you read this, you are coming off a great Fourth of July spent with friends and family, relaxing, and trying to beat the summer heat. As for Capital Ranch Sales, we saw 3 ranches close in June, more closings set for July, and new ranches coming to market at a steady pace!
Last month, we told you that industry experts predicted that statewide prices are likely at near-term highs. We’ve experienced a 0% to 2% statewide price growth for 2024 overall, and Texas expects statewide prices to decline later this year and into 2025.
We reviewed what all that meant for sellers of rural land, but now, let’s put on our buyer’s hats and explore what that means for those of you looking to invest in rural land.
With predictions of rural land prices declining later this year and into 2025, it’s obvious that buyers who are willing to be patient could be well-positioned to catch a break on price. The caveat to that statement, as we mentioned last month, is that inventory is still low, which still gives sellers the leverage to hold firm to their price, which could lead to us seeing little to no negative movement related to price.
So what should you do as a buyer? My advice is unwavering on this. To use a couple of terms that I’m sure you have heard, “The best time to buy land was yesterday,” and, “Don’t wait to buy land, buy land and wait.” At the end of the day, if you’re looking to buy land, my advice to you would be to not try to “time the market.”
For as long as we have tracked these metrics, they have proven time and time again that land is tangible, scarce, and an appreciating investment. Could we see a small downtick in prices? Maybe. But what I can say for sure is that land purchased at market value and held onto will be a wise investment whenever you decide to pull the trigger. Contact me anytime to dive into the topic in more detail and discuss strategy if you’re considering purchasing your piece of Texas land.
As always, thank you for your continued support of our brokerage, and we will see you next month!
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INDUSTRY RELATED NEWS
Fence Boundary Dispute Involves Adverse Possession Claim
The ownership of forty-two acres was in dispute in Best v. Thornton, a case involving claims of adverse possession when a barbed-wire fence was built off the property line decades ago.
Best and the other Appellants brought suit against Mary Sue Thornton, the record owner of the adjoining tract of land, claiming they acquired title to the 42 acres under their fence by adverse possession.
Click here for the full article!
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