Real Estate Market Update
Living in Lakes Country is a lifestyle decision.
Since 2014 I have lived in the Vergas area myself and I have never been connected more to a place I call home. Whether you enjoy the area on the wknds or year round, Lakes Country is more than just an address. It is living wide open. Reflecting on the 2017 real estate market we have experienced a growing demand for real property in our area. West Central Minnesota has a long history of family homesteading and for the families calling this area home the beauty is not a secret. Otter Tail County is celebrating its 150th anniversary this year and I strongly feel that we will continue to experience a new and yet growing desire to live rural. A rural renaissance. Last year we have seen more young families from the F-M metro area finding lake life for their wknd escape and time to rejuvenate, but also to get away from the “larger” city permanently. Another growing number of residents are getting ready for a retirement destination and continue to choose Lakes Country. However, it is not only the wknders and retirees who are enjoying Lakes Country, we have met many younger families relocating from Minneapolis and more interestingly coming home after time spent in states further away. It is evident that families decide to call Lakes Country their home to raise children over big metro areas. I have a feeling that this is just the beginning of a new generation of Americans choosing a small town and more grounded life over the busy and maybe unhealthy, bigger city environments. Overall, the past year showed a high demand in recreational real estate properties with a well-balanced demand of primary residence property ownership. Communities like Perham, Vergas and New York Mills are growing
again and are becoming a desired location for living life to get away from a fast paced society elsewhere. Our area is a great spot to balance work and life by connecting to the outdoors and is one of the greatest assets it bares. Looking at 2018 and completing the first half of the sales cycle, increasing sales numbers are in support of my conclusion for last year’s sales growth. We have had the best first quarter in sales during the past five years and we keep matching buyers with their desired properties as we are moving into summer.
The real estate market remains a seller’s market with a lower number of available properties for sale. We have experienced a higher amount of competing offers for properties in the area recently which has not always been the case during past years. However, every property is unique, especially in Lakes Country, and whether you are looking to sell or buy you may want to consult with a local expert to guide you through the process. We have a great track record and like to introduce our services to you. Feel free to schedule an appointment with one of our full-time agents available in your area, and use our easy online map search when looking for property located in Lakes Country. We love lake life. And we look forward to working for you.
By Dirk Ockhardt