Real estate trends have been a bit unexpected, starting with the pandemic, and continuing through 2021. While there was early caution over COVID-19 slowing real estate activity, demand in many communities has risen. At the same time, economic uncertainty kept many homeowners in place, especially those that refinanced with historically low interest rates, creating a shortage in inventory. Supply chain woes slowed new construction. Yet, people continue to look for new homes, with high demand expected to continue, even as interest rates rise. Lets take a look at state and local data over the past year.
We often receive questions about whether this is the right time to buy, considering COVID-19 has hung around longer than expected. It’s understandable—both buyers and sellers are worried about making a move right now. However, for those in a good position to buy or sell, the timing is very good. Here’s why.
Interest rates are holding steady for now, but a volatile political climate and mixed economic reports could push markets in either direction. Challenging political times, trade tensions between the United States and China, a so-so March jobs report created market volatility in early April. With Fed Open Market Committee (FOMC) members suggesting a cautious path, … Continued
Spring launches another competitive real estate season in Otter Tail county and the surrounding community. This year’s market is shaped by continued low inventory, and new factors affecting mortgage interest rates and tax incentives. The start of spring also marks the start of another season in West Central Minnesota- putting home up for sale and … Continued
Real Estate in Otter Tail County is still on the rise. While areas like Fergus Falls kept pace with the state, lake areas including Battle Lake, Clitheral and Henning saw more significant growth. Bolstered by a good economy and moderate job increases, expect trends to continue upward. Find out what that means for buying and … Continued