Eastern Iowa Farmer Spring 2021
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Land prices<br />
Much of the movement<br />
has been from people doing<br />
land transactions to consolidate<br />
their ground into one<br />
area if they’ve got it scattered<br />
around, Yegge said.<br />
“There’s also people trying<br />
to improve their ground by<br />
upgrading. I think there’s a lot<br />
of that,” he said.<br />
Lower-quality land tended<br />
to sit on the market last<br />
summer.<br />
“It got some looks, but<br />
nobody stepped up to the<br />
plate,” Yegge said. Farms with<br />
high-quality land, on the other<br />
hand, sell right away. That<br />
started changing toward the end<br />
of the year as lower-quality<br />
farms started selling too.<br />
As a result, inventory is way<br />
down.<br />
“If you have a farm, now is<br />
the time to sell,” McNeil said.<br />
“If you have to buy again, it’s<br />
usually a tight market but even<br />
tighter today.”<br />
Added Yegge, “We have a<br />
lot of farms we could sell right<br />
now, but we can’t find replacement<br />
property for the people.<br />
It’s not just one or two. It’s a<br />
bunch of people.”<br />
The survey showed that the<br />
majority of farmland sales<br />
(72%) were to existing farmers,<br />
of which existing local<br />
farmers captured 69% of land<br />
sales. Only 3% of sales were<br />
to existing relocating farmers,<br />
while investors represented<br />
22% of land sales. New farmers<br />
represented 4% of sales,<br />
and other purchasers were 2%<br />
of sales.<br />
Wendong Zhang, an assistant<br />
professor in economics<br />
and extension economist<br />
at <strong>Iowa</strong> State, conducts the<br />
annual land value survey each<br />
year, based on reports by agri-<br />
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eifarmer.com spring <strong>2021</strong> | <strong>Eastern</strong> <strong>Iowa</strong> <strong>Farmer</strong> 99
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