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Are Appraisals an Essential Service? With the number of states, counties and cities issuing stay-at-home orders increasing every day, the real estate industry is left to quickly interpret whether its functions are considered essential services. With many moving parts and jobs in the real estate process, appraisers, notaries and homebuilders, along with many other roles, are having to individually interpret their local restrictions to see how they can continue operating.  Read the Full Story. COVID-19 Puts Ag Financial Concerns Under a Microscope The gloom and doom of the COVID-19 coronavirus continues to keep uncertainty in the agricultural finance ...
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Hello to all ASFMRA Members, Staff and Others. How quickly things can change. In my last message dated February 25th, I wrote about my travels across the country each week attending Chapter meetings. Since that date, I have not traveled for obvious reasons. A lot of folks struggle with change, and certainly I do sometimes as well. However, I have found comfort and even excitement in what this adversity might direct us to do better for the organization as a whole, for ourselves and, importantly, for others. Let’s think past the obvious negative things that we are dealing with due to COVID-19 for a moment. The ASFMRA is truly an organization of members who ...
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Stable Land Values Continue Into 2020 Many agricultural experts and economists have been warning for the past few years that we could be headed for a significant correction in farm land values in the Midwest. Land value summaries showed that a reduction in average land values did occur in many regions of the U.S from 2014-16, including the Upper Midwest, before stabilizing in many areas in 2017 and early 2018. Land values have been under pressure in some areas in late 2018 and in 2019, due to reduced crop yields, the ongoing trade war with China, low commodity prices, and reduced farm profitability. However, overall land values have remained fairly stable ...
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Carson Rose is an ASFMRA member and Past President of the Carolinas Virginias Chapter. Q: Where are you from? A: Home to me is Newton Grove, a small town in Eastern North Carolina. My wife, Kayla, and our two children still reside in my hometown in order to be close to our family farm where I help out part time. Q: Where did you get your college degree? A: My undergraduate degrees are from North Carolina State University in Agricultural Business Management and Agriculture & Environmental Technology. I received my Masters in Business Administration at Campbell University (N.C.). Q: How did you get into the rural property business? A: ...
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Investing in Farmland: A Real Estate Investor's Guide There are approximately 911 million acres of farmland in America, according to the U.S. Department of Agriculture (USDA). Farmers and ranchers own about 61% of the land they use, renting the rest from third-party landlords. While other operators own 8% of this land, investors groups (including retired farmers) hold the remaining 31% of America's farmland, with 21% owned by non-operating individuals or partnerships and 10% held by corporations, trusts, or other owners. Given this breakdown, non-farming investors own a small slice of the country's farmland. That piece, however, has been growing as more ...
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Will 2020 Be The Year The Land Market Tumbles? The land market in 2019 continued the plateau trend of the past several years in which the supply of agricultural land for sale on the market remained lower than average and prices for good quality cropland held mostly steady. Looking ahead to next year, will financial stress from lower commodity prices and poor harvests in some regions cause prices to decline? Farmland sale activity in the first part of 2019 was slower than it had been for some time with late spring and early summer especially void of farms for sale. Planting delays and prevented plantings contributed to the lackluster activity.  Read the ...
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Dr. Wendong Zhang is our ASFMRA Iowa Chapter Academic Vice President. Describe your experience and education related to the property professional field. With many helping from the Iowa Chapter, I teach a Rural Property Appraisals course at ISU and lead the annual ISU Land Value Survey. In my Ph.D. study at Ohio State, I examined how urban influences got capitalized into nearby farmland values. Describe what led you to become a chapter member of the Iowa ASFMRA Chapter and why you remain a member. I have the privilege to serve on the board of the Iowa Chapter as the Academic Vice President. I have benefited a lot from interactions with chapter ...
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Hemp Takes Hold Broad-shouldered and barefoot, Brian Lyda trots into a rain-softened 6-acre hemp field near Hendersonville, in mountainous western North Carolina. Mud is splattered up his calves as he turns back a fourth of the way into the rows. “This plant loves attention but not too much attention, if that makes sense,” says Lyda, gesturing to the 2-foot-high hemp plants growing under plastic in rows 6 feet apart. After all, hemp – and its cousin, marijuana – can grow and thrive on their own in road ditches. Read the Full Story Here. Report: Ag Conditions Not as Bad Now as in 1980s The overall U.S. agricultural economy has slumped in recent ...
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Paying It Forward,  ASFMRA Style  By Rex Wilcox, AFM Thanks to the ASFMRA and Iowa Chapter awards committees for the D. Howard Doane award I received at the 2019 Louisville convention.  I appreciate the recognition from my peers.  There are many people deserving credit for their input to my career, making it possible to be considered for the award. My farm management experience began in 1973 with Stalcup Ag Service at an opportune time, which allowed becoming acquainted and able to work with many influential ASFMRA members. My first contact with a farm manager was Bob Walters of Hertz who sold my father a farm.  I was impressed with Bob and curious ...
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The Texas Chapter will be offering Qualifying Education over the course of 2020.  Justin Bierschwale, ARA will be the lead instructor.  Sales Comparison Approach | February 24-27 Cost Approach | June 1-4 Income Approach | August 10-13 If you have a trainee in need of Qualifying education, we hope you will find these course offerings advantageous. Should these offerings be successful in Texas, the Chapter’s goal is to offer both Qualifying and Accreditation education in a systematic manner. Please help spread the word.   These offerings are open to EVERYONE in need of qualifying education. Refer to the promotional flyer for all hotel, travel ...
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Will 2020 Be the Year the Land Market Tumbles? The land market in 2019 continued the plateau trend of the past several years during which the supply of agricultural land for sale on the market remained lower than average and prices for good quality cropland held mostly steady. Looking ahead to next year, will financial stress from lower commodity prices and poor harvests in some regions cause prices to decline? Farmland sale activity in the first part of 2019 was slower than it had been for some time with late spring and early summer especially void of farms for sale. Planting delays and prevented plantings contributed to the lackluster activity. Read ...
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Recapping the 2019 Land Market The land market in 2019 continued the plateau trend of the past several years in which the supply of ag land on the market remained lower than average and prices for good quality cropland held fairly steady. Farmland sale activity in the first part of the year was slower than it had been for some time with late spring and early summer especially void of farms for sale. The historically delayed and prevented planting season had much to do with the lower activity during that time. Land values in 2019 once again bucked the prevailing depressed mood in agriculture to hold steady or even increase slightly in some instances except ...
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There are currently a number of issues impacting the ASFMRA from Washington, D.C., particularly for appraisers. One of the biggest hot button issues revolves around “evaluations.” What are they and who is allowed to do them? USPAP briefly mentions evaluations but instructs appraisers to call them “restricted appraisal reports.” That’s all well and good, but there are a lot of potential customers that don’t want the terms “restricted” and/or “appraisal” in their work file. They simply want a number. Read the full blog post here
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Near Cities, Land Owners And Urban Farmers Confront Pressure From Development Across the Midwest, development in urban areas is increasingly putting pressure on the value of land that could be used for food production or has historically been in agriculture. One private business that rented a plot to local agriculture suddenly sold it this year.  Even though the agricultural economy has been struggling for the past few years with low prices for corn and soybeans, weather challenges, the tariff exchange with China and other trade uncertainties, land values have stabilized. Read more here. Where Christmas Trees Come From Every year, millions ...
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For decades, farm management companies across the United States have also served as real estate brokers. Our firm started offering real estate brokerage services all the way back in the 1950’s. Today, the largest farm management companies have very significant real estate brokerage operations. How do these firms balance the workflow and focus? After all, these services compete for a staff member’s time and focus, and there exists some potential for conflict of interest. For the rest of this blog post by Howard Halderman, AFM, click here
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Farmland Rents Stay Up Despite Low Crop Prices With another harvest behind them, farmers are beginning to sit down with their landlords to look at farm land rental contracts for the year ahead. In most cases, it’s the landlords who hold the cards. “Based on commodity prices, yields and input costs, rents should be about $100 an acre,” said University of Minnesota Extension Educators David Bau. “But (rents) are about double that or more.” Read the Full Story No End In Sight For Midwest Farmers' Financial Woes Agricultural bankers are predicting continued financial trouble for farmers in Illinois and across the Midwest. Data from the Federal Reserve ...
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FOR IMMEDIATE RELEASE Contact: Alex Clark Tel. 303.692.1227 Email: aclark@asfmra.org Rural Property Professionals Receive Recognition Awards Given at 2019 ASFMRA Annual Conference in Louisville November 26, 2019   Glendale, Colo – The American Society of Farm Managers and Rural Appraisers® (ASFMRA®) honored dozens of rural appraisers, farm managers and consultants at the 2019 ASFMRA Annual Conference on November 20, 2019, in Louisville, Ky.   At the Accreditation and Awards Ceremony, sponsored by Hertz Farm Management, it was announced that 24 ASFMRA members received their Accredited Farm Management (AFM) designation, while an ...
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The Next Generation of Farmland Prices Farmland represents over 81% of farm sector assets and values stayed relatively static through the first half of 2019. Farmland values are impacted by a myriad of factors beyond just demand and the overall agriculture economy. David Klein, First Mid Ag Services vice president, managing broker and auctioneer, provided the seven issues affecting farmland values during First Mid Ag Services Field Day. Read the Full Story. Farm Succession Strategies: 8 Ways to Communicate Successfully The struggling farm economy means that farm transfers from one generation to the next may be happening in a sped-up process, ...
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Land's Linchpin: Amid Low Inventory, Little Interest to Sell A 67-acre tract of farmland in Sioux County, Iowa, brought $18,300 per acre at auction earlier this month. In September, Hertz Farm Management had 10 sales at $10,000 or more per acre and eight sales above $11,000 per acre for corn and soybean ground, CEO Randy Hertz told DTN. These sales may be isolated cases in today's market, but the trend of steady-to-slightly higher land values is not. Farmland brokers report sales around the Midwest continue to attract strong buying interest, primarily from farmers. Read the Full Story Area Ag Bankers See a Rocky Economic Outlook An informal survey ...
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Agriculture Funds Aim to Harvest Profit, Along With Corn and Wheat Two realities undergird the investment case for agriculture: The world’s population keeps swelling and everyone must eat. A third reality — climate change — will make satisfying those billions of appetites harder and companies that can help farmers potentially more valuable. Agriculture isn’t a standard investment sector in the way that, say, financial stocks are, and definitions of it vary, including things ranging from the obvious, like the American equipment-maker Deere & Company, to the offbeat, like Leroy Seafood, the Norwegian fish farmer. Read the Full Story. Fintech ...
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