2022 A Year of Change in the Real Estate Market

If you've been looking to buy a piece of hunting land this year it comes as no surprise the market has been busy. It has however changed some from last year. The 2022 land market started off much the same as 2021 ended, fast paced. Interest rates were still low and land listings were in short supply. When a top-shelf piece of hunting land showed up on the market there were no shortage of buyers ready to pounce. We were operating in a serious seller's market.

As the year has progressed, things have been changing. We've seen a downturn in the economy. That has resulted in rising interest rates and a slowing of the real estate market, both in home and land sales. It was not an uncommon occurrence over the past couple years to see many pieces of real estate "Sold" before a sign was ever put in the ground. Many agents had lists of buyers circling, waiting for the next parcel to show up for sale.

Today it's becoming a bit more "normal" to see listings remain "For Sale" for at least a few days. For the first time in a few years, I have been seeing "Price Reductions" on websites and on some real estate signs. Buyers haven't disappeared, but have indeed become leerier, and sales have become more "cash financed" as interest rates continue to climb.

Interestingly, thus far the slowing economy hasn't seen an upsurge in the number of properties hitting the market on the land sales side of the market. Especially here in the thumb area of the state. In the past, as things slowed down, we'd start seeing the list of hunting land properties increase as folks started looking for ways to slow the amount of money going out monthly. Cutting back on expendable income was the first thing on the list.

This time around it seems a bit different. Hunting land listings are still scarce. Maybe the reason folks are holding on to their lands could be as the stock market continues its downward trend people are looking for a safer place to keep their investment monies.

So, in a nutshell, if you're thinking of selling land, I believe it's still a good time to list as inventories are low and there are still a good number of buyers in the market. If you're thinking about buying, do your research if you're trying to decide on cash or financing. Lastly, whether selling or buying, I'd always suggest you involve a reputable, experienced, real estate agent in your plans.

- Rick Patridge

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