October 2012

Found 2 blog entries for October 2012.

Minnesota real estate sales are on par with the national increase in real estate sales in the United States, at 11%.  Otter Tail County leads the state with a 24% increase plus an increase of 21% in median sale prices which is twice as high as the national numbers.  The reasons are low unemployment, a robust farm economy, the lowest interest rates this month in 30 years and a good supply of homes for sale.  The down side is the inventory of homes for sale has fallen and median prices are rising.  Interestingly, nationally 1st time home buyers make up 32% of the entire housing market.  The sale of lake homes has shown the largest increase in sales for the last 2 years - 55% in 2011 and 78% so far this year.  The real estate economy is back in Otter Tail

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Sales of lakeshore property in Otter Tail County remains strong - a full 75% over 2011 at this time and 34% above the state average.  Inventory of homes for sale has dropped as well.  What is interesting is so far in 2012 is average lake home sales prices are down 10%  while sale prices of other housing have increased 10%.  County residential housing sales have increased a full 10% as well and interestingly, the sales of homes in the Fergus Falls market have increased in the higher price ranges, signifying a decrease in foreclosures and a return to a healthy market!  It is a good time for both buyers and sellers because of increased sales, less inventory, stable prices and record low interest rates.

My advice for buyers and seller entering the

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