Posts from April 2024
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23
NAI Ruhl Commercial Announces Leadership Changes
We are pleased to announce the appointment of Chris Beason as President of NAI Ruhl Commercial Company. Chris, who has been leading the residential company, Ruhl&Ruhl Realtors, as its President, now extends his leadership to encompass the commercial division. He joins John G. Ruhl, who will continue as a principal and on the leadership team in his new role as Managing Director, focusing on key strategy initiatives for company growth and direction, Chairman of the Leadership Board, brokerage for clients, as well as management of his investment portfolio.
Alongside Chris, we also congratulate Pete Hadjis, who has been named as Sales Manager/Vice President for NAI Ruhl Commercial Company.
Chris Beason shared his vision for the company, stating, "I am honored to take on the role of President at NAI Ruhl Commercial. My focus will be on driving innovation and collaborati...
10
Iowa Cropland Values Are Stable
The Land Trends and Value Survey, presented by the Iowa Farm and Land Chapter #2 REALTORS Land Institute, reported a 3.1% decrease in value on a statewide average for the September 2023 to March 2024 time period. This is following the March 2023 to September 2023 time period that showed a 0.2% decrease, giving us a 12-month decrease of 3 .3% for the State of Iowa on tillable acres. After a period of rapidly increasing values, the tillable land market has leveled off and softened slightly. Pastureland (down 2.2%) and Timberland (down 2.2%) followed the trend of tillable acres and saw small decreases for the six-month period as well.
Survey respondents described the market as being "tentative" and "selective" but "surprisingly stable". There continues to be a lower supply of land offered to the market, helping to hold values despite lower net farm incomes vs recent years. Local farmer buyers continue to be the most active in the market as investor interest is slowing.
"The recent survey reflects the leveling of the land market we experienced in the last year due to the higher interest environment and lower commodity price trends" said Eric Schlutz, ALC, Realtor, and manager of the Ruhl&Ruhl Realtors Muscatine Office.
"Farmland values have taken a pause in the upward growth that we experienced over the past several years. In our area of Eastern Iowa and Western Illinois the market is best described as being stable with demand for land still considered to be good especially for top quality, highly tillable parcels. However, in general the supply of available land for sale is very low and transactions are less than a year ago, thereby giving some support to values. It isn't surprising that growth in farmland values have slowed given the increased interest rates and lower current prices for commodities experienced this past several months. This will be an interesting marketing year for land as we see if land for sale remains tight and if buyer demand remains good based on what interest rates do and what farm incomes will be further into this year" said Dennis Stolk, ALC, Farm and Land Specialist with Ruhl Farm&Land.
For the survey, participants are asked to estimate the average value of farmland as of March 1, 2024. These estimates are for bare, unimproved land with a sale price on a cash basis. Pasture and timberland values were also requested as supplemental information.
Ruhl Farm&Land, a division of Ruhl&Ruhl Realtors, is focused on the sale, purchase and marketing of land, farms and acreages.
Iowa |
High-Quality Crop Land |
Medium-Quality Crop Land |
Low-Quality Crop Land |
% Change in Tillable Cropland |
Non-Tillable Pasture |
Timber Per Acre |
| East Central | 15,355/acre | 12,403/acre | 8,437/acre | -3.0% | 4,877/acre | 4,545/acre |
| Northeast | 15,224 | 11,864 | 8,422 | -4.8% | 4,859 | 4,930 |
| Southeast | 14,524 | 10,293 | 6,893 | -2.2% | 4,588 | 4,183 |
1
Navigating The Market for Prospective Homebuyers
If you've been considering purchasing a home, your main concerns are probably mortgage rates and home prices. This might even be the reason you've suddenly delayed your plans. Some buyers discovered that the numbers simply didn't make sense for their budget when rates increased last year. However, there might be some good news for you!
Economic Data Manager at Realtor.com, Sabrina Speianu, says "The spring housing market could shape up to provide home shoppers with a more plentiful supply of less expensive homes than last year," and although inventory is still not as plentiful as in the pre-pandemic days, "home shoppers will have more choice, and in particular more choice of lower-priced homes."
The number of homes actively for sale in February was up 14.8% from February of 2023, and more inventory means more choices for buyers!
