One year ago, farmers saw farmland sell for $17-20 thousand per acre. Today, while land prices are still high, former Knox County Farm Bureau President Grant Strom says it is not going for as high as it once did. Strom adds that this could cause some farmers to start “panic” selling.
“There’s a lot of land this hit the market that’s coming on the sale for the next 30 days. It’s like a farmer selling corn; man, I should have sold at $6, went down to five, well, maybe it’s going to go back to six- now it’s down to four, oh, crap, is it going to go down to three,” says Strom. “Anybody that was sitting on land that they were thinking about selling now maybe there’s a situation here where I better get it out there while it’s still fairly decent historically, but knowing they’ve already missed the high.”
Strom adds that farm equipment is also worth less than it was last year.
