Source: UNIVERSITY OF NEBRASKA submitted to NRP
AGRICULTURAL AND RURAL REAL ESTATE MARKET DYNAMICS IN TURBULENT ECONOMIC TIMES
Sponsoring Institution
National Institute of Food and Agriculture
Project Status
COMPLETE
Funding Source
Reporting Frequency
Annual
Accession No.
0226306
Grant No.
(N/A)
Cumulative Award Amt.
(N/A)
Proposal No.
(N/A)
Multistate No.
(N/A)
Project Start Date
Jul 1, 2011
Project End Date
Jan 27, 2014
Grant Year
(N/A)
Program Code
[(N/A)]- (N/A)
Recipient Organization
UNIVERSITY OF NEBRASKA
(N/A)
LINCOLN,NE 68583
Performing Department
Agri Economics
Non Technical Summary
The agricultural and rural real estate market is quite dynamic and is an integral part of the agricultural economy (real estate represents about 80 percent of total farm assets in the United States). Providing current and comprehensive analysis is critical to a well-functioning agricultural real estate market. The information and insight provided by this research will be valuable to policy makers as well as all market participants. In addition, ongoing research of agricultural finance, structure, and long-term sustainability will continue to draw heavily from this source.
Animal Health Component
50%
Research Effort Categories
Basic
50%
Applied
50%
Developmental
0%
Classification

Knowledge Area (KA)Subject of Investigation (SOI)Field of Science (FOS)Percent
6030120301010%
6036040301030%
6036099301010%
6050120301010%
6056040301030%
6056099301010%
Goals / Objectives
Annually monitor and analyze the agricultural and rural real estate market in Nebraska. Provide historical and cross-sectional data and analysis of market patterns including: market values and cash rental rates, rates of economic returns to land, and transaction characteristics.
Project Methods
Conduct annually a professional panel survey of real estate professionals across the state and analyze the survey by sub-state area and by land type. In addition to basic information collected for each year to build comprehensive files for time series analysis, the surveys will also be used to collect periodically specific information pertaining to current elements of the market that are of particular influence on values, etc. Using the data base described above,in combination with peer-research in other states, build and refine Hedonic Pricing models to explore various elements impacting land values, cash rental rates, etc.

Progress 07/01/11 to 01/27/14

Outputs
Target Audience: Faculty member has retired. Progress reports represent best summary of work. Changes/Problems: Nothing Reported What opportunities for training and professional development has the project provided? Nothing Reported How have the results been disseminated to communities of interest? Nothing Reported What do you plan to do during the next reporting period to accomplish the goals? Nothing Reported

Impacts
What was accomplished under these goals? Faculty member has retired. Progress reports represent best summary of work.

Publications


    Progress 10/01/11 to 09/30/12

    Outputs
    OUTPUTS: Completed the 34th annual Nebraska Farm Real Estate Survey and Analysis. Published the analysis and distributed the analysis through extension reports,popular press, and formal presentations to various stakeholder groups across the state and region. Also published a peer-reviewed journal article in the Journal of the American Society of Farm Managers and Rural Appraisers regarding the Impact of Irrigation in the Agricultural Land Market. PARTICIPANTS: Nothing significant to report during this reporting period. TARGET AUDIENCES: Nothing significant to report during this reporting period. PROJECT MODIFICATIONS: Nothing significant to report during this reporting period.

    Impacts
    Provided current market information and analysis regarding agricultural land values, cash rents, and market characteristics. With this widely available to all stakeholder groups, the market for agricultural land functioned with greater efficiency and equity to the benefit of all stakeholders. Particularly critical in this time when a land boom dynamic has been playing out across the nation's heartland, the analysis provided through this research has facilitated more economically sound decision-making.

    Publications

    • Johnson, Bruce B. and Sara Van Newkirk, Nebraska Farm Real Estate Market Highlights: 2011-2012, Department of Agricultural EconomicsReport No. 191, June 2012 (printed and electronic)
    • Thompson, Chris and Bruce Johnson, The Value of Irrigation Water in the Agricultural Land Market, Journal of the American Society of Farm Managers and Rural Appraisers, 2012 (electronic edition only)


    Progress 10/01/10 to 09/30/11

    Outputs
    OUTPUTS: The 2011 annual UNL Nebraska Farm Real Estate Survey was completed,the 33rd annual consecutive survy. Thorough analysis was completed with publication of the findings through a variety of venues. Several presentations during the year to a variety of stakeholder groups. Recent dynamics of the real estate markets in Nebraska and neighboring states have caught national attention. Significant economic implications of these markets for the agricultural sector and states and regions where productin agriculture is pronounced. Additional analysis of water economics and the implications of water on real estate markets in irrigated land areas. Publication of results in the Journal of the American Society of Farm Managers and Rural Appraisers forthcoming in early 2012. PARTICIPANTS: Nothing significant to report during this reporting period. TARGET AUDIENCES: Nothing significant to report during this reporting period. PROJECT MODIFICATIONS: Nothing significant to report during this reporting period.

    Impacts
    Expanded research into the impact of water resources on land assets in rainfall deficit regions.

    Publications

    • Nebraska Farm Real Estate Market Highlights for 2010 and 2011, Department of Agricultural Economics Report Number 189, June 2011