The word recession has been introduced when discussing market trends and projecting what the year 2023 looks like in terms of real estate. It is hard to say how land prices will be affected but inventory is still acutely lacking. Thus, sellers maintain the upper hand. The media is responsible for displaying negative headlines that are keeping buyers from the market in fear of rising mortgage prices and rising inflation. A chief economist and real estate wealth adviser Erin Sykes says, “I also think the media plays a key role in how individuals perceive the markets. It tends to overtake even what they experience in their own personal lives. But real estate is local.” Montana tends to escape the extreme highs and lows in the real estate market; Buyers reading national headlines get a skewed view of what’s happening in their local market. What we saw during the pandemic was not a norm and what are now subtle price reductions and a slow in sales is the market normalizing.

It’s a great time for buyers and sellers alike. Buyers have the chance to take their time and make educated decisions when purchasing. They don’t face the challenges of getting caught up in bidding wars or making offers well over the purchase price.

Sellers can take advantage of listing their farms and ranches or recreational land when there is still minimal inventory. Another positive trend we’re seeing is the number of cash purchases increasing. Buyers saved money as they face economic uncertainty and can come up with cash offers for land. Furthermore, a downturn in the market is a great time to sell and upgrade to a property with more potential. People’s priorities change. A stellar piece of hunting land may not be what you want anymore and instead, you’d like to trade up for a parcel to build a dream home for your growing family. It’s also common to see investors looking to increase their income by purchasing farm ground where they can grow specialty crops, harvesting timber on forest land, or harnessing wind energy on tracts. There are different ways to increase earning potential. So, if you find yourself wondering if you should hold out for another year, consider these advantages and you might find yourself making a great sale, especially if your timeline is flexible for selling.