Over 50% of sales of Otter Tail County homes occur in the last 5 months of the year. That defies regular logic but it is a fact. For lake homes, it is higher at 62%. As of now, it appears that real estate sales in Otter Tail County will set another record in 2014 as sales are up 20% this year over lastyear. Inventory of homes available to purchase is very low as well. As an example, the availability of homes in Fergus Falls is down to about a 3 month supply. The National Association of Realtors say a 6 month supply is “in balance”. The result is that right now is the best time to list and sell your real estate. It is also a good time to purchase as this tight market will cause an increase in purchase prices. 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.
Alan Olson, Broker/Owner
Century 21 Vista, Inc.