“An employment related relocation to the Northeast put us in the unenviable position of having to sell our home in TN, during a precarious housing market. After a few months of working with a realtor that produced little to no buyer interest, we decided to make a change to a different realtor – opting for someone we felt would be a better fit for us and who could appropriately guide us in selling our home. We chose Ann Mann. From the start Ann was professional, caring and excited to help us sell our home. She gave us great advice and always considered our comfort level first and foremost. Ann worked hard for us, exploring all options in making our house competitive in this challenging market. She was very knowledgeable and with her experience always knew the right steps to take. Ann started as our realtor and quickly became our friend and a part of our neighborhood community. Thanks to Ann, we were able to sell our home. We highly recommend Ann Mann to lead you through your home buying or selling experience! She is the BEST!”Land Market Shows Slow But Steady Growth in 2018, According 2018 RLI-NAR Land Survey
With rising interest rates and commodity prices still depressed, land sales and land prices continued to increase, although at a modest pace, during October 2017 – September 2018, according to the 2018 Land Market Survey of the REALTORS® Land Institute and the National Association of REALTORS®, an annual survey of land practitioners.
Land sales in dollar volume rose two percent during the reference period of October 2017 – September 2018 compared to the level of sales during the prior 12 months, a smaller rate of increase compared to the four percent growth during the October 2016 – September 2017.
Among types of land, residential land sales posted the highest increase at 4 percent, followed by commercial and recreational land, each growing at 3 percent. Residential and commercial land sales rose at a modest pace compared to the pace of growth during October 2016 – September 2017. The slower growth in residential land transactions reflects the slowdown in home sales since the second quarter of 2018 and the slower pace of price appreciation. During the same period of October 2017- September 2018, existing home sales were down by about 1 percent compared to the level during the prior 12 months, while the median sales price of existing home sales were up at a modest 4.2 percent on a year-over-year basis compared to the 5.5 percent price gain in November 2017.
Commercial land sales also rose at a modest pace, as higher interest rates exerted a downward pressure on commercial land prices to keep returns in line with rising interest rates.
Agricultural land sales rose at a slow pace of one percent, with commodity prices still depressed, with prices of cattle, livestock, and grains still below 2015 levels.
Residential and commercial land also posted the highest price appreciation. On average, residential land rose five percent during the reference period, while commercial land rose four percent, the same pace in the 2017 survey.
In addition to market conditions (rising interest rates, low commodity prices), respondents noted several issues affecting land market transactions such as getting the right appraisal/valuation for land, especially in rural areas, the lack of lender financing, and changes in zoning and local regulations that slow land development.
Among land practitioners who participated in the survey, nearly half of land sales were for recreational land (28 percent of land sales) and residential land (27 percent). Timber, agricultural non-irrigated, and ranch land transactions accounted for 10 to 12 percent each. Commercial land transactions accounted for four percent.
Regions 7, 8,9, and 10 accounted for 70 percent of land sales among the respondents.
About the 2018 Land Market Survey
The Land Market Survey is a collaboration of the REALTOR® Land Institute (RLI) and the National Association of REALTORS® (NAR) that started in 2016.The objective of this survey is to gather information and insights about land transactions among land real estate professionals that can be used as a resource in conducting land business.
RLI sent out the survey to 1,323 RLI members and approximately 5,000 prospects who are engaged in land transactions, 809 of which responded to the survey. NAR and RLI conducted the online survey from October 8–November 23, 2018. The 2018 survey gathers information on transactions during the reference period of October 2017–September 2018.
The annual Land Markets Survey is a tool for landowners and land real estate professionals in all sectors of the business to use for bench-marking and as an informational resource when conducting business. This year marks the sixth consecutive year that the survey has been conducted to reveal current trends and the ever-changing state of land markets within the industry; and this year’s survey had the highest participation rate ever. The Realtors® Land Institute has made the full survey results available for free to the public on their website.
The Realtors® Land Institute, “The Voice of Land,” continually strives to maintain its status as the acknowledged leader for all matters pertaining to the land real estate profession. The Realtors® Land Institute provides the expertise, camaraderie, and valuable resources that are the foundation for all land real estate professionals to become the best in the business. For more information, visit rliland.com or call 800.441.5263.
© 2019 RealTracs Solutions. All rights reserved. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange Program of RealTracs Solutions. Real estate listings held by brokerage firms other than RE/MAX Elite are marked with the IDX logo and detailed information about them includes the name of the listing broker. The information provided is for the consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties that the consumer may be interested in purchasing. Information is believed to be accurate, but not guaranteed. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items. Information last updated on 2019-01-23
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