Hi Barbara
I spent quite a bit of time from 2019 - 2021 looking for
land in southern Illinois. There was an asset sale within the family farm business, and I was looking to reinvest that back into agriculture land. Basically a small farm and hunting property to retire to one day.
Apparently so did a lot of people from Louisville and St Louis. I watched land prices in southern Illinois absolutely soar. On Zillow it the land was sold within the past (18?) months they show the price at that time of sale. I saw properties being relisted at triple the price or more in some cases.
I ended up buying land in Ontario instead.
My suggestion would be to monitor land prices (use Zillow, but don’t just use Zillow) on a regular basis to get a good feel for what is happening in the market, and do a lot of driving around on weekends to look for sale by owners.
You’re competing with people who have more money than knowledge (or sense) that can buy property
online like it’s a pair of socks on Amazon.
I am not in any way an expert, so take my predictions are my humble opinions at best.
In the short term I think that real estate, and a few other things in our economy have ballooned to a bubble bursting point. That is affecting housing prices right now more than agricultural land prices, but I think the chance of getting better deal on the kind of land you are looking will be better in 2023 than it was in 2022.
In the long term (imho) I think climate change with droughts and floods will make land east of the Mississippi be more attractive than land west of the Mississippi. I’m leaving “long term” as vague because, as I said, I am not an expert, but I do read the news.
I hope this helps a little, and my ears are wide open if someone has a different view than mine.