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INVENTORIES RISE
Rural land markets boomed during the pandemic. Not surprisingly, many of these same markets eventually endured a slowdown due to a lack of inventory. This was noticeable throughout 2022 and even into early 2023. But by Q3, it was a different story, and now it’s all systems go.
As one seasoned broker told me, there were two waves of land buyers when the pandemic struck. Those initial buyers were liquid, had no geographic ties, and, because they were all-cash, could close quickly. Since then, third, fourth, and fifth waves hit. They were much different from the first two. A higher percentage of buyers required financing. Many still had kids in school or jobs that needed to wind down (or both). Working from home was not an option. Yet.
This broker’s conclusion? More waves of land buyers are on the horizon, and I agree.
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