Considering the bitter cold snap sweeping through the North Star State at the beginning of this December, the last thing on most people's mind is a move. Who wants to relocate with the temperatures hovering in the single digits, not to mention being in the midst of the busy holiday season?
The winter months might not initially strike you as a good time to purchase real estate in Minnesota. But, almost everyone else feels the same way, and for just that reason, when the temperature drops, it can take some of the hassle of a residential real estate deal down with it.
Less crowded market, motivated buyers and sellers during the winter
It is fairly well established that during the winter, there are fewer homebuyers in the real estate marketplace. Naturally, one would assume that this would translate into lower prices for buyers, since they are facing less competition from other offers, and sometimes this conventional wisdom proves true.
On the other hand, those on both sides of a real estate transaction are typically more serious if they have bothered to enter the marketplace in the winter. For various reasons - family obligations, a new job, the end of a lease - someone may have to move in the winter. Dealing with either a buyer or a seller who needs to close quickly can be advantageous for the other party. According to a study recently released by online real estate broker Redfin, homes listed during the winter are about 10 percent more likely to sell within six months compared to homes listed at any other time of year.
Completing a residential real estate transaction quickly has obvious benefits, and a motivated buyer and seller are just one part of that equation. Mortgage applications, for instance, typically go through more quickly in the winter when there is less activity in the real estate market. Some of the players in a real estate deal, like brokers, may even entertain the idea of lowering their fees when the number of buyers and sellers in the market drops and business is slower.
Contact a Minnesota real estate attorney for help with your property deal
An experienced real estate lawyer can be one of the most important professionals you consult in the course of your real estate transaction. Your attorney can negotiate the purchase agreement on your behalf, or simply review it before you sign it. Your lawyer can address any last minute legal issues at the closing. Perhaps most significantly, your real estate attorney can point out any unique legal issues that could come up about your property in the future, and take steps to head them off long before they become far more expensive problems.
An attorney is insurance for those who do not want any troubling surprises with their real estate deal. If you are looking to conduct a real estate transaction in Minnesota, take advantage of the benefits of entering the less crowded winter market, and get in touch with a real estate attorney today.