by Admin Admin
on Thursday, February 7th, 2013 at 10:22am.
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 indicatesw that prices will stabilize and will probably start to rise. Interest rates are obviously still very low which keeps the monthly payment in check. The result is that the real estate economy is back in Otter Tail County, the county with the most lakes in the state of Minnesota.
My advise 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.