Likely will buy a farm.
Wanna buy mine before I engage a realtor? 
Planning to put it on the market in the next few weeks. The farmland bubble is becoming unsustainable and I can't stand to think about riding this all the way up, and then back down again (like some of us did with Wave.)
Bought the place during the last big farm crisis in the mid eighties. I saw good crop land selling in '85 for way less than half of what it had been in '81 and couldn't pass it up.
Several years ago I started seeing land up there selling for more and more each year. Then about three years ago, it started going absolutely insane. Our government has seen to it that you can't make a dime on CDs, the farmers (and everyone else) are scared to death of the stock market, and they see no other place to put their large bounties but farmland. Many of these farmers are literally paying cash for the land they're buying, but those that borrow get interest rates of near nothing, as you know.
Ag times have been good lately, with MUCH higher (but don't call it inflated) grain prices, and the farmers (along with some "investors") have been running the land price up about 25% (and more) each year lately. Totally out of control. You ought to see them go nuts at a land auction this year!!
So now, I suddenly see neighboring land selling for more than ten and twelve times what I paid for it. That's a bubble. It may not burst til it doubles again, or it may burst tomorrow, but I've seen enough. I'm going to let someone else have it, buy a vacation home, and be stuck with the "problem" of trying to figure out how to invest the rest of it.
Good luck with your farm purchase, but it sure seems like you're buying into an overheated market. Depending, of course, on where you are talking about. I'm familiar only with the "heartland".
D&O
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