Northwest Arkansas is a great place to live, work, and raise a family. The region offers a diverse economy, plenty of recreational opportunities, and good schools. Another attractive feature of the area is its low-stress real estate market, which may be notably different from wherever you’re coming from.
The Northwest Arkansas real estate market is much more relaxed than markets in other parts of the country. Attorneys, earnest money, property surveys, and radon testing are all features of real estate deal-making, common elsewhere, that may not be required in Bentonville and Fayetteville.
This blog post points out unique aspects of real estate transactions in Arkansas compared to other markets I have experience with, such as Illinois.
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You Don’t Need Attorneys to Conduct Real Estate Transactions
In Illinois, you need an attorney to close a real estate transaction. Lawyers for both parties will review the contract, make sure everything is in order, and attend the closing.
The issue with this setup is that lawyers are not necessarily interested in closing deals quickly. They want to do their due diligence and make sure everything is perfect. This can often lead to lengthy delays in processing and cost you more in legal fees.
Many deals fall through in Illinois because attorneys complicate the transaction. As a result, buyers and sellers get frustrated and walk away from the agreement.
In Arkansas, you don’t need an attorney to close a real estate transaction. Standard contracts cover most terms to the mutual satisfaction of both buyers and sellers, and there’s rarely any need for extra documentation. The title company handles the closing, and it’s usually over within an hour.
This setup is much more efficient, and it’s one of the reasons why the real estate market in Arkansas is so much easier to navigate.
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Earnest Money Deposits Are Not Required in Arkansas
Most real estate markets require earnest money deposits. This is a deposit that the buyer submits to a third party to show that they are serious about the purchase.
The deposit is held in escrow until the deal closes. While earnest money works effectively to seal a deal, it also creates red tape and delays as the funds must be released from escrow and deposited into a buyer’s account upon final payment.
In Arkansas, earnest money deposits are not required. We use non-refundable deposits instead. This means that the money is paid to the seller at the time of the contract signing.
I like this method because it shows that the buyer is committed to the deal. There’s no need for extra documentation or delays. The best part is that I have not had any problems with buyers backing out of a deal and asking for a refund.
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Property Surveys Are Rarely Conducted
Most states require a survey when buying a home, where the surveyor will come out to the property and mark its boundaries. This can often be a costly and time-consuming process.
The seller is typically responsible for ordering the survey. But in some cases, the buyer will have to pay for it. Either way, it’s an unnecessary expense that can often lead to delays in closing a deal.
In Arkansas, surveys are not required. The contract will state the property’s boundaries, and that’s all you need. In any case, 95% of the time, there is a fence on the edges of the property. This makes it easy to see where the property lines are.
To be clear, there are situations where a survey might be helpful. For example, when buying a vacant lot or an acreage property. But this is usually rare.
When in doubt, check the borderlines on the county’s GIS map. This is a free service that anyone can use, and it’s accurate 99% of the time.
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Radon Testing is Not Mandatory
Radon is a naturally-occurring gas present in varying degrees of intensity depending on where you live. In houses, it tends to accumulate in spaces like basements and, at high levels, has been known to cause cancer.
Most real estate markets require radon testing for the conclusion of an agreement. This is usually done at the time of the home inspection. And if the levels are too high, the buyer can negotiate for a radon mitigation system to be installed.
In Arkansas, radon testing is not required. That’s because we don’t have a lot of basements. However we still check for termites and other pests, but this is potentially less expensive, challenging, and time-consuming.
A More Relaxed Real Estate Market
On the whole, you’ll find that the real estate market in Northwest Arkansas is much more relaxed than in other places. In most cases, there’s no need for attorneys, earnest money deposits, surveys, or radon testing. That makes concluding real estate transactions here straightforward and easy to understand.
This easygoing nature makes Arkansas real estate an excellent market for first-time home buyers. You don’t have to worry about all the red tape and delays, and you can get a great deal on a property without all the hassle.
On top of having less friction, real estate agents are also more relaxed in Arkansas. We’re not interested in complicating the process or nickel-and-diming our clients. We want to help you find the right property and get it under contract as soon as possible.
If you’re interested in buying a home in the area, take a look at this helpful little guide I’ve put together.
Final Thoughts
Northwest Arkansas’s real estate market is significantly more laid-back than property markets in other cities. Most often, you will not need attorneys, earnest money, surveys, and radon testing. This lack of red tape and delays makes the process much more relaxed.
If you’re considering moving to the area, look me up. I can show you around and help you rent a purchase a home if that’s what you’re looking for. Whether you’re the adventurous type or looking for a beautiful home for a family with kids, Northwest Arkansas has something for everybody.
