Path Home Shows 2008 Show Archive October 2008 Show 0843 Rural Land Value

Rural Land Value

While real estate prices have held their own in urban areas, in rural Oklahoma it's even better. Land prices in the country are higher than ever, thanks to the demand for wide open spaces.

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Oklahoma Association of Realtors

Show Dates

Show 0843: Rural Land Value

Air date: October 26, 2008

 

Transcript

Rob:  Well while real estate prices have held their own in our urban areas, in rural Oklahoma it’s even better.  Land prices in the country are higher than ever, thanks to the demand for wide open spaces.

Rob:  Gregg Pickens knows how to sell.  The owner of a real estate and auction company, Pickens says land prices are so far… so good.

Gregg Pickens:  The overall attitude, and you know we deal with hundreds of people every week through our auction business, and everybody seems to be fairly optimistic.

Rob:  Including Oklahoma realtors selling rural land.  Doug Emde is vice president of Oklahoma’s Association of Realtors and says while the housing market is important to his livelihood, it’s real value lies with homeowners.

Doug Emde:  It’s the most important part of everyone’s life, really, is having a roof over your head, having a shelter to go to.

Rob:  An investment Emde says can weather even today’s economic storms.

Emde:  Nationwide, housing has caused a large part of the economic collapse.  And if you listen to the experts, they say that housing is what is going to bring us out of this economic problem.

Rob:  Driven in great part by the demand for new uses of old farmland; OSU Ag economist, Domona Doye.

Domona Doye:  Recreation is increasing in terms of its importance.  You know, our colleagues in states like Texas, for years, have said that ranchers in their state earn more from recreational income than they do from cattle on the pasture.  And I think we’re seeing that migration, that progression into Oklahoma, as well.

Rob:  A progression that’s helping rural landowners by increasing land values, but does make it hard for first-time buyers.

It’s because Oklahoma has been, I hate to say it, undervalued.  You know if you compare us to California or Florida, or any other state, really, we’re one of the most affordable states in the nation as far as land goes.

Pickens:  Overall real estate values, everybody feels very comfortable.  I think Oklahoma in general is a good place to be.