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

The Lion of the winter and spring has controlled the sales of real estate in 2013.  Sales of units are down 48% through May of this year from a robust increase from the same period a year ago.  Our Minnesota winter has always controlled real estate sales.  Sales soar when temperatures soar and they decline during a harsh winter.  We are presently seeing strong sales of quality lake homes on better quality lakes.  The jury is out whether lake home sales will catch up to last year.  As a result, sellers are reducing their asking prices in order to achieve a sale in the 2013 selling season.

The good news for sellers is that the amount of homes for sale has dipped 24% from last year.  As a result, we are once again seeing multiple offers.  It is an

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The Lion of the winter and spring has controlled the sales of real estate in 2013.  Sales of units are down 10% through April of this year from a robust increase from the same period a year ago.  Our Minnesota winter has always controlled real estate sales.  Sales soar when temperatures soar and they decline during a harsh winter.

The good news for sellers is that the amount of homes for sale has dipped 24% from last year.  As a result, we are once again seeing multiple offers.  It is an excellent time to sell as indicated by a 6% reduction in time to sell and a 2% increase in the percent of original list price received.

The good news for buyers is that the housing affordability has remained at record levels.

My advice for buyers and sellers

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The "Lion" of the winter and spring has controlled the sales of real estate in 2013.  Sales of units are down 7% through March of this year from a robust increase from the same period a year ago.  Our Minnesota winter has always controlled real estate sales.  Sales soar when temperatures soar and they decline during a harsh winter.

The good news for sellers is that the amout of homes for sale has dipped 31% from last year.  As a result, we are once again seeing multiple offers.  It is an excellent time to sell as indicated by an 8% reduction in time to sell and a 4% increase in the percent of original list price received.

The good news for buyers is that the housing affordability has remained at record levels.

My advice for buyers and sellers

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Otter Tail County posted the highest number of lake homes and cabin sales in history for 2012!  In fact, there was a 65% increase in sales in 2012 over 2011.  We can attribute this to increased consumer confidence in the 7 county metro area in Minnesota as many buyers for lake homes come from the Twin Cities.  In addition, the farm economy in Minnesota and North Dakota is robust and we are experiencing record sales to farmers.  Consumers have been choosing Otter Tail County because of our I-94 location and the quality of our lakes compared to other vacation destinations.  In 2012 consumers primarily purchased homes that offered good swimming and very little elevation.  Inventory is finally in balance with a 7 month supply of lake homes for sale and that

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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 21% increase plus an increase of 20% 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 12% 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 at 78% so far thisyear with residential sales following at a 6% increase.  The real estate economy is back

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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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Sales of lakeshore property and housing outside of Fergus Falls have increased dramatically - 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, average lake home sale prices are down 10% while sale prices of other housing have held steady.

It is a good time for both buyers and sellers because of increased sales, less inventory, prices and record low interest rates.

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 ones and the trends.

 

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The 3.8% sales tax hidden in the national health care plan kicks in on January 1, 2013.  This seller paid sales tax can affect those who have high adjusted gross income levels.  It also takes into consideration the sale of real estate and investment income such as interest, dividends and annuities.  In addition, the United States is still under the threat of capital gain tax rates rising from 15% to as high as 25%.  If you are considering whether or not to sell your second home or investment, 2012 may be the year to sell considering the tax ramifications.  For more information, I suggest you contact your CPA.

 Meanwhile, the sales of lake homes in the multiple listing services are up 89% in 2012, compared to 2011 and inventories are coming into

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Otter Tail County lake home sales are up 39% so far this year which is great news for those wishing to sell!  Inventory is down to an 18 month supply so selection has tightened up.  The reasons are:  low unemployment rates, interest rates are at a 60 year low, pent up demand and more affordable prices.  Surprisingly, lake home sale prices last year averaged what the county has them taxed at.

If you are an owner and plan on selling within a few years you may want to move that up to this year as the 3.8% sales tax you will pay on the sale of your real estate kicks in January 1, 2013.  In addition, congress is talking about raising your capital gain tax.  Stay informed!

 My advice for buyers and sellers entering the market…..use a professional full time

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