In the market for a place of my own.

[JunxMan]

It seems that there's more on the market in North Central Texas now than this time last year, and while it's still high, it seems to be a bit better than 12 months ago. However, interest rates are still high, so I'm weighing that into account. What advice does the GS have for roughly 100 acres in Jack or Young Counties, decent fences, electricity nearby, at least something to fish on, and recreational in nature?

[jomw10]

I just closed on 111 acres in near Palestine. As you say interest are very high, prices seem to have settle, at least in this area. I was able to get it for below asking price.
The dilemma is that probably prices are going to start going up again once interest rates start to drop, so any savings in interest maybe eaten by price increases.
Maybe go for a variable interest rate...

[JBJTX81]

wait for rates to come down next year...low rates=more supply=lower prices...at least that's what my gut is telling me. Also if you move just a county or 2 to the west prices fall significantly not sure where you are but does an extra 1K/acre less help justify hour or so round trip more every time you go?

[solocam_aggie]

wait for rates to come down next year...low rates=more supply=lower prices...at least that's what my gut is telling me. Also if you move just a county or 2 to the west prices fall significantly not sure where you are but does an extra 1K/acre less help justify hour or so round trip more every time you go?

Not lower rates = more buyers = higher prices?

When rates were at an all time low real-estate was sky high around our area.

[DUKFVR]

Make sure you have water available ,otherwise you will be having to set up a system with a tank. I don't think you will see prices get much better. I bought right before everything went crazy & could almost double my money now. We are in western young county.

[7sdad]

Buy when it's cheaper and you can always refinance when the rates come down.

[dbaio1]

High interest rates are about the only thing that might accurately cause prices to drop. As the old saying goes invest in land they aren't making any more. Good luck on getting your own piece of America.

[JunxMan]

Thanks for the input! We know our current situation and how being closer to our home in FW would allow us to go there more often, so the premium in price for land closer is worth it to us. Also, as you get West, the dryer climate and reduced oak/increased mesquite mean that it's less likely to turn into a place that we'll want to retire to. But we're just beginning to begin. Fingers crossed we find that needle in the haystack of what we're looking for.

[tps7742]

I keep seeing people making reference to interest rates being high and waiting it out. Has anyone looked up the history of loan rates in Tx? Hopefully history doesn’t repeat itself. But I am and older fart that lived through the Carter administration with record high mortgage rates.

Good luck Op in your search for your ideal place. Sounds like you know what you want and don’t settle for less.

[tps7742]

.

[rut-ro]

Depending on where you are from, I'd be looking in Oklahoma. land we bought in Leon County for 3k and acre in 05' is going for 15K an acre now.

[Bucknaked]

IMO the extremely high prices were driven by the whole stupid Covid lie! People got scared that lived in cities and suburbanites and jumped out and purchased anything at any price. But I will say that Californians have been huge culprits also. Land in Our area is sitting Now with people still wanting elevated prices and they just aren’t getting it! “ steaming hot turds” is what realtors call that lol. I think that the only way prices will go up is if this screwed up government pulls another Covid like stunt and people fall for it again. But that’s just my opinion. I hope that you find what you want OP.

[Chance Love]

Interest rates right now are kinda "normal". We all just got spoiled back when they were really low. Waiting a year or two hoping rates will come down can bite you...MAYBE they will drop, but the value of the land will likely rise in that time frame which will probably offset any potential rate drop. And if rates stay the same then you are now looking at current rates plus a higher priced property. Make sense? I say if you find the place you want, buy it. Personally I would not try to speculate and time the market. That's just a guessing game.

[Darton]

Every land lender that I deal with professionally and personally, will allow you to restructure the note every six months if rates drop for $500 without incurring the expense of the traditional refinance!

[Drycreek3189]

No financial advice, but if you find a place you really like……buy it. You ain’t getting any younger. Good luck in your search !