If you don't know me, then I'll share something with you. I live in outside the city of Beaumont, in the country. My husband and I have seven horses, three dogs and about thirty acres of what we call our "own little piece of paradise". Living in the country is a way of life for us. We wouldn't know what to do if we could look out our window and look into our neighbors home.
So I'm always watching the Southeast Texas farm and ranch properties that are for sale and the ones that have sold. If you are curious, here's a sneak peak at what's going on right now.
Like the whole residential housing market, there has been a slow down in the number of farm and ranch properties that have sold in the past twelve months. All total only eleven properties have changed owners. That's about one a month for the mathematically challenged readers.
Farm and Ranch Properties also average about double the length of time on the market (202) compared to approximately (110) for other residential sales. Typically, they hold their value better than other residential sales and often appreciate faster when the market is going up.
One answer is they are harder to finance. Most lenders want a larger down payment when they are lending on a farm or ranch property. The more money someone has tied up in a property the less likely they are to walk away in hard times.
When land costs go up, properties with land go up faster than homes in a traditional subdivision.
What to buy a farm or ranch property?
Its getting harder and harder to find one close to Beaumont. Most of the properties are in Tyler County but you can still find some treasurers in Fannett, Sour Lake, North Vidor, Mauriceville, Buna, Silsbee, and Winnie. Occasionally, you can find a farm or ranch property for sale in Lumberton. If you do be prepared to pay a premium.
What's the cost of acreage in Southeast Texas?
That's a tricky question. So much goes into the value of acreage. Is it premium pasture? That goes for one price. Is it low and holds water? Your price goes down. Is it a great location surrounded by other upscale country properties? Price goes up, way up! A good rule of thumb would be expect to pay $6,000-$8,000/acre for good quality acreage.
Want to buy a farm or ranch property in Southeast Texas? Contact me.