Why 2021 is the Best Time to Buy a Ranch
Are you ready to take the leap and purchase your dream ranch? Maybe you’re on the fence – waiting for the perfect time to buy. Don’t delay! Here’s why 2021 is the best time to buy a ranch.
Exceptional Interest Rates Make Now the Best Time to Buy a Ranch
One of the biggest reasons to buy a ranch in 2021 is the INSANE interest rates. They are low. Like, 3% low for most types of mortgages. This means you’ll get a deal with your mortgage, should you choose to have one. There are many incentives to buy a ranch aside from interest rates. Income opportunities in rural areas (especially in hospitality and outdoor recreation) are exploding during COVID.
Of course, like anything involving real estate, this is location dependent. However, people are flocking to the American West for their vacations. Feeling safer in the outdoors with some space is a big selling trend in travel, and that’s not likely to go away anytime soon. With the right income-producing ranch, you can capitalize on low-interest rates and starting up a new business.
Get Away from it All
A lot of folks are tired of living in the city, and as more and more businesses move to an all-online platform, location independence is a hot new thing. So why not take it slow and move to the countryside? The best time to buy a ranch is when it best suits your unique family situation. Many of the more rural communities have a much higher quality of life thanks to COVID. Hotspots such as Colorado ranches, which are often within reach of major metropolitan centers, deliver you the best of both worlds.
Home Prices are on the Rise
As more and more people stayed home this year, there was a tremendous increase in property value – the average home price in America rose 5%. This means two things, one your current property is worth more, so if you’re looking to trade up, now is the best time to buy a ranch. Those looking at a second or third property should certainly consider purchasing their dream ranch now.
Although the trend towards housing prices isn’t predicted to rise quite as steeply as it did in 2020 (only a 2.6% increase according to Freddie Mac), a ranch at the start of 2022 will cost more than it does today. Take advantage of the slowdown and consider now the best time to buy a ranch.
Inventory is Predicted to Increase
One major reason why housing prices are expected to slow down is that the inventory is expected to increase. Again, this is a location-dependent issue, but in general, there will be more inventory on the market this year. As people begin to accept the new state of the world, those who held off on selling last year are looking to make moves in 2021. Expect to see an increase in inventory. You’ll not only get more choices but better pricing. Coupled with that attractive interest rate, you won’t want to miss out on the best time to buy a ranch.
Buying in the Winter is Less Initial Work
Although most real estate sells better in spring and summer, it’s often better to buy a ranch in the winter. This is because there is a lot that goes into buying a ranch. From ranch management to covenants, deeds, and on-boarding – the process is far more involved than a typical home. Why worry about intensive land and livestock management on top of all of that. Your winter ranch chores are far different in winter (read: less intense) than in the summer. Purchasing a ranch in winter lets you get your bearings before management ramps up in the spring and summer.
Let Us Make Your Ranch Dreams a Reality
Now is the best time to buy a ranch, and we want to help you. With decades of ranch real estate experience, combined with in-depth local knowledge that can’t be matched, Harrigan Land Co are the ranch broker experts. Contact us today and let us find your dream ranch.