by Admin Admin
on Friday, October 26th, 2012 at 10:23am.
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 County!
My advice for buyers and sellers entering the market....use a full time real estate agent that knows not only the past comparables but one who knows the present ones and the trends.