Your Family Farm Legacy: What to Know When The Time Comes to Make Those Hard Decisions

Farms, ranches, and rural homesteads are different from those cookie-cutter houses that line the streets of the average subdivision. Instead, these rural properties often become the home base, or the legacy, for the family through several generations. It’s where the kids grow up and where the grand-kids and nieces and nephews come to catch a catfish from the pond or take their first pony ride. As each generation grows up and moves out into the world, they enjoy coming back to the family farm to recenter and recharge their lives and to gather together with extended family and friends to celebrate holidays, family reunions, and weddings or to console each other when a family member passes on. 

Understand That Every Family Goes Through Seasons of Change

But as much as these long-loved rural properties mean to each family, there can come a time when the circumstances of life requires a major change and the owners find themselves considering selling. At Legacy Farms and Ranches of North Carolina, much of our business is based on referrals from previous clients who we have helped with this difficult decision. Many of these transactions involved a farm, ranch, or homestead that had provided shelter and comfort for generations of the owner’s family. While these transactions are never easy, we know that they are necessary for the selling family, and over the years we have learned how to help these clients move through this difficult time in a positive, proactive fashion. 

Take Time to Ask Questions and Get Answers 

Selling A Family Farm

Selling A Family Farm

The first thing we recommend for area residents who think they may want or need to sell a legacy farm is to take some time to discuss the possibility objectively with a trusted real estate professional and ask questions. A farm, ranch, or rural property that has been in the same family for generations may have challenges that must be considered, including capital gains issues, possible boundary line disputes, and title issues. By taking time to discuss the situation, property owners will be better equipped to decide how to proceed. 

Find Out What Your Property is Really Worth Before You Decide How to Proceed

Another common experience we find when talking with legacy farm owners is that they may not have any recent knowledge of local property values and any trends that may be expected for this type of real estate. While they may have heard about a nearby property sale through the grapevine, they may not have had access to actual numbers or information that can help them better determine what their property might actually be worth in the current real estate market. 

One of the many things we like to do for these farm, ranch, and homestead owners is to provide them with a professional comparative market analysis, commonly called a CMA. Essentially, a CMA is a detailed, but easy-to-read report that compares the property in question with several similar ones that are currently for sale and recently sold ones in the area. While a CMA is not an actual appraisal, we use much of the same data that an appraiser would use for our research, which allows us a great degree of accuracy.

We often find this information is eye-opening to long-time property owners, because they may have had no idea of how much their property has gained in value over the many decades they have owned it. Of course, there is absolutely no charge to property owners who request us to perform this this type of analysis. It is our pleasure.  

Learn What Your Property Needs to Make It Even More Marketable

Another valuable service we offer to these property owners is designed to help them see the true potential of their property. We know that keeping up a farm or ranch property can become more difficult at we get older, so we strive to help owners see what changes or improvements may be needed to make it even more marketable. We do this by taking time to visit with property owners who invite us to do so and walk or drive the property with them. This allows us to look at the property objectively so that we can make suggestions that could have a positive effect, should the owners decide to sell. 

Our Legacy is Helping Rural Families With One of Life’s Difficult Decisions

At Legacy Farms and Ranches of North Carolina, we don’t do high pressure tactics to try to get people to sell or buy. We know that these decisions are intensely personal and can be quite difficult to make. 

Instead, we strive to be a valuable resource for our rural landowners – a place they can come to have an honest discussion about their options, so they can make the decision that is right for them and their entire family. We are blessed to have a long (and growing!) list of happy referral clients which we are happy to share so that prospective new clients can learn more about the services we offer and how we went about the business of selling rural properties from those who know best, our satisfied clients. 

If the thought of selling your farm, ranch, or homestead is on your mind, but you are undecided or unsure of how to proceed, call Gardner at (919) 749-3177 or Frank at (919) 696-4249 and make an appointment to have a confidential conversation about your concerns. We promise to give you factual information about the current real estate market and advice specific to your situation with absolutely no pressure.

At Legacy Farms and Ranches of North Carolina, & Fonville Morisey we are here for our community and our clients, just like family.