REAL ESTATE SALE SURGE by Alan Olson, Broker

Posted by Admin Admin on Monday, May 5th, 2014 at 11:33am.

Otter Tail County real estate sales are up this year 17% over 2013. Weather affects sales but during this year's cold, snowy and windy winter, sales are up over 2013's cold snowy and windy winter. Housing sales are about the same so the increases came in multifamily, farms, land and commercial sales.

A key factor that affects real estate sales is the quantitiy of homes for sale which in Otter Tail County is currently down 20.6% from 2013 to a 7.7 month supply. That factor generally leads to a seller's market which can lead to higher sale prices.

To avoid those higher prices that are likely coming, buyers should purchase now. Sellers should get their property listed for sale now while demand is strong and upward price pressure seems imminent due to lack of inventory.

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