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Last year at this time, Farmers on the outskirts of Chicago thought they had it all. With expanding subdivisions and high housing demands, builders were putting options on every piece of farm land in the region. Now, a year later, those options are expiring with no action, and the buyers have disappeared.

But an unseasonable chill has settled over the housing market, and farmers and middlemen who were waiting for deals have been left holding the bag, said real estate consultant Steve Hovany. “There have been some cries of agony as buyers renege on agreements,” he said. “National builders have sold off some land as a way to make their bottom lines look better.”

Earlier this year, a few builders began toying with the idea of selling excess property. That was followed by the gavel falling on several suburban subdivisions. Additional builders have taken write-offs for land they no longer need. Some are letting options expire, dropping plans to make purchases from farmers.

As autumn arrives, agricultural land is ready for a harvest of corn and soybeans, not the green and gold of cash windfalls. Farmer David Bengtson, 47, says the market for those seeking to sell their land “appears to be just about dead. Everyone has pulled in the reins.” via the Columbia Tribune

The lesson is, if you have the chance to sell and you are prepared to sell, sell. If you hold out for the last dollar, you may miss your chance.

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