Start Kicking Your Own Dirt!
If you are looking to purchase a piece of farmland then the news from 2011 is good. Figures stated by the U.S. Department of Agriculture, show farm income will jump 28% this year to a record $100.9 billion.
"Today's farm income forecast shows that the American brand of agriculture continues to be a bright spot in our nation's economy. Following on a strong 2010, all three measures of farm sector earnings again experienced strong growth in 2011. According to today's numbers, farmers are earning 28 percent more for their products than they made last year. And it is making a real difference for America's farm families, whose household income was up 3.1 percent in 2010 and is forecasted to increase 1.2 percent in 2011. This is good news for rural America and for our national economy." says U.S. Agriculture Secretary, Tom Vilsack.
Crops such as corn, soybeans, wheat and cotton saw a 19 percent rise from last year to $204 billion. The importance to the land buyer or seller, these increases in farm income drove agricultural real-estate prices to a record $2,350 an acre this year according to the USDA. In fact, the Federal Reserve banks in Chicago and Kansas City released reports in November stating farmland values in Midwest and Plains states were up at least 25 percent. This is excellent news for anyone buying or selling farmland.
Whitetail Properties believes in providing land options for both recreational and investment opportunities and our hunting and farm land specialist are monitoring these benefits daily to help their clients to make the best decision. So, when considering purchasing that dream property, pay close attention to the potential income production of that land. These benefits often get you kicking your own dirt sooner than later!