by Admin Admin
on Thursday, April 26th, 2012 at 3:04pm.
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 real estate agent that knows not only the past comparables but one who knows the present ones and the trends.