CENTURY 21 Vista, Inc. Blog: MN & ND Real Estate News

When is the Question???


When is the best time to put my property on the market? NOW

Should I wait until spring before putting my property on the market?  NO

Would it be wise to wait until the weather warms up before putting my property on the market?  IT WON'T BE SOLD IF IT IS NOT ON THE MARKET

The history of residential sales including lake homes in Otter Tail County, shows the following stats for the first quarter (January 31-March 31st):


2016                     51                                        715

2017                     62                                        768

2018                     76                                        760


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It looks to be another banner year in lake home sales as they are up 12% so far in 2017 over 2016.

The sale prices of lake homes rose 18% in 2016 to $292,000, up from $248,000 in 2015.  Those 2016 prices are continuing in 2017 as well.  That is not an indicator of increase in values but an indicator of a demand for higher price lake homes.  There are 38% more homes that have sold in the higher price field this year. To obtain a chart of the lake home price trends for the last 17 years, email miriana@century21vista.com and request the lake home sales trends.  My advice for buyers and sellers is to choose an agent which knows the market and the trends.

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The sale of real estate in winter months is always controlled by the weather. For example, in 2012 we had an open, balmy winter. Lake home sales finished 66% higher because buyers were buying all winter. In 2013 and 2014, our winter was brutal and the winter sales showed it. Now in 2015 our weather has been conducive for buyers to look at lake homes and the sales are up 25% as a result. That has affected the inventory of homes for sale, meaning it is a good time to sell because there are less homes for buyers to choose from.  Watch the weather because as it warms up, so do sales.

My advice for buyers and sellers entering the market....use a professional full time real estate agent that knows not only the past comparables but one who knows the present

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The sales of lake homes in 2015 are up 76% over 2014 for the first six months and are already at 50% of 2014 total sales, according to multiple listing services statistics. The biggest increase is in the $150,000 to $250,000 price range and $250,000 to $350,000 range.

One of the reasons for the increase in sales is the continued good availability of lake homes for sale which is at a 17.3 month supply. That gives buyers more options to purchase the home they desire. In plain words, buyers don't have to wait for the "perfect home" to come on the market. It is a good time to sell because of the number of buyers on the market and a good time to buy due to the selection availability.

My advice for buyers and sellers entering the market....use a

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