It’s the land of fast horses and beautiful women… or is it the other way around? People fight about whether they bleed red or blue, and the highest compliment you can pay someone is, “Wow, you have a handsome horse!” Kentucky is flooded with commercial farms, be it horse farms, tobacco farms, or farms that raise livestock. In fact, according to visitlex.com, there are about 450 horse farms in the region (about 150 in Lexington/Fayette County alone). Burley tobacco, soybeans, and so much more are being grown on the farms in this growing city. Good thing too, because the “buy local” trend is rising rapidly in this state, which is sparking economic growth in our community.
Local farming is on the rise in Kentucky.
Due to the high demand for healthy, organic, and fresh food, people are turning to local markets more and more. The Kentucky Department of Agriculture is adding fuel to the fire by marketing and encouraging Kentuckians to buy local and support our economy. According to their website, “the demand for affordable, fresh, local and healthy foods is growing. With more than 159 successful farmers’ markets across the Commonwealth, spanning over 106 counties and 2,500 vendors, farmers’ markets and direct-to-consumer marketing are great ways to meet that demand.”
One of the ways they are marketing local farming is through Kentucky Proud. According to the Kentucky Proud page, “the average meal travels 1,500 miles from the farm to your plate, resulting in lost nutritional value and taste every mile of the way.” Buying local decreases this distance and ensures that you’re eating fresh, nutritious meals while supporting Kentucky’s farm families. “Buying local products strengthens our local economy by keeping dollars at home and building a sense of community during the process. Kentucky Proud is not only a way to provide safe and nutritious foods for your loved ones, but it is an investment in Kentucky’s land, people, and its future.”
With this rise in revenue for local farms, now is the optimal time for a commercial farm appraisal.
If you’re thinking of buying or selling a local commercial farm, the time for an appraisal is now. Strike while the iron is hot, and make sure that you know how much your property is worth. With the increase in number of people looking to hop on the local farming bandwagon, getting an appraisal may be the smartest financial move you can make. Getting an appraisal is the best way to ensure that you’re paying, or receiving a fair price. Properties that are overpriced when initially introduced to the market stick out like a sore thumb to market participants. Overpricing can be a huge mistake, here are some other mistakes you should avoid.
We’re here to be your resource in this process. It’s a big decision and a financially strategic move to buy or sell a commercial farm during this time of rapid growth. The appraisal process can seem overwhelming, but we’re here to make it easy for you. Here’s a step by step guide to how we tackle appraisals. Ready to start the process? Contact us here to get the conversation started. Want to see a price tag first? Get a quote now.