How to Know Your Farm's Value Right Now (Sort of)

If you're a farmer, it's likely you're curious about the value of your farm at any given moment. After all, the value of your farm can affect the amount of money you can borrow for upgrades, expansion, or other investments. While it's not possible to get an exact value without a professional appraisal, there are some ways to get a rough estimate.

Let's explore some of the ways you can determine your farm's value right now (sort of).

Look at recent sales of similar farms

One way to get an estimate of your farm's value is to look at the prices of similar farms that have recently sold. Look for farms that are similar in size, location, and type of crops grown. Keep in mind that there may not be many sales in your area, so you may need to look at sales in neighboring regions.

Check online real estate sites

Online real estate sites like Zillow and Redfin have listings of properties for sale, including farms. You can see the asking prices of similar farms in your area and get an idea of what they are being listed for. While these estimates are not necessarily accurate, they can give you a rough idea of what you can expect your farm to sell for.

Ask a real estate agent

Another way to get a rough estimate of your farm's value is to reach out to a local real estate agent. They may have insights into recent sales and can give you an idea of what similar farms are selling for in your area.

Consider factors that impact value

When considering your farm's value, it's important to think about the various factors that impact it. For example, factors like the location, size, quality of soil, and availability of water can all impact your farm's value.

Get a professional appraisal

Of course, the most accurate way to determine the value of your farm is to get a professional appraisal. A professional appraiser will take into account all the factors that impact your farm's value and will provide you with a detailed report that you can use for lending or other purposes.

In Summary

While it's not possible to know your farm's exact value without a professional appraisal, there are ways to get a rough estimate. By considering recent sales of similar farms, checking online real estate sites, asking a real estate agent, and thinking about factors that impact value, you can get a better understanding of what your farm is worth right now (sort of). If you're looking for a more accurate value, we recommend getting a professional appraisal from a certified rural property appraiser.