Buying of farms in Story County, Iowa, 1940-48
Study of the activities of buyers shows what took place in Story County between 1940 and 1948. Though land purchase did not give rise to serious difficulties during this period of favorable farm incomes, the evaluation of land presents significant problems now and for the future. The years following the land inflation of World War I give evidence that serious difficulties can arise when farm land prices and land income are significantly out of line, and when heavy debts press against low incomes.
This study has dealt primarily with the buyer's side of the land market, with particular attention to analysis of procedures followed by buyers in purchasing land. Within this framework there is need for additional information and further analysis. More needs to be known, for example, about how buyers formulate their estimates of the future; about the kinds of data that are used in making important decisions; about the bases for investing in land rather than in some other business. There is also need for analysis of the sellers' side of the market. Among other pertinent questions-upon what bases do sellers decide to sell? How is the asking price determined?