Wyoming Ranches for Sale: Prospects for Todays’ Generation of Ranchers
Some people think of farm and ranch and farm life as anything but dynamic and economically upward. Young ranchers in Wyoming are all set to change this perception as their number grows each year. According to Star-Tribune writer Trevor Graff, the number of ranchers and farmers aged below 35 in the Cowboy State have increased by 17.4 percent since 2007. Their contributions to the state’s thriving agriculture industry certainly do not go unnoticed:
Since 2007, the market value of Wyoming crops has more than doubled to $439 million across the state. The average Wyoming farm and ranch totaled 2,587 acres per operation – much higher than the national average of 434 acres per operation.
“There’s more profitability in the industry now than there was six or seven years ago,” said Jim Magagna, executive vice president of the Wyoming Stock Growers Association. “I certainly wouldn’t encourage anyone to come back to the ranch based on one good year, because we know those things turn around. But overall, I think they’re seeing a more positive economic picture that’s encouraging young people to come back.”
With these things in mind, it should not be surprising if a significant portion of the ranch real estate market soon consists of a younger demographic hoping to get a piece of the pie. To maximize their investments, new ranchers need to learn all about ranch operation best practices. Ranch owners of any age can benefit from the expertise of a reputable broker like Mirr Ranch Group that not only markets Wyoming ranches for sale but also offers consulting services in relation to ranch stewardship and land conservation.
For instance, ranches used mainly for production purposes need to have sufficient resources to support livestock. These resources include grass, water, and shelter, which in turn require optimum grazing schedules, proper irrigation, and other ranch management practices to be implemented. Depending on the quality of their pastures, ranchers may also have to be mindful of fertilization and reseeding concerns. Pastures that have been grazed to ground (i.e. “abused”) need two to three years of rest before they can be considered fit for use by cattle. Otherwise, the cost of restoration is bound to be significantly higher.
By taking these factors into account, aspiring ranchers should have a good idea of how to spot the ideal Wyoming ranch for sale that has considerable profit prospects.
(Source: Wyoming agriculture sees growth young producers, The Prairie Star, July 22, 2014)