SOLD! Holiday Weekend Slows Home Closings—Everywhere

While just two homes SOLD! in Richfield last night, it doesn't necessarily indicate slowing sales, but rather no one wants to schedule of closing for the last week of summer.

Here are four reasons few home buyers choose the week before and after the Labor Day weekend to close:

1. School is starting and no one with kids wants to add to the chaos with a move into a new home.
2. Most people are at the Great Minnesota Get-Together and it’s a lot more fun to be strolling the Minnesota State Fair, looking at giant pigs and eating friend pickles than it is sitting in a conference room signing papers.
3. No one is around on a holiday weekend to help with the big move
4. A short work week means one less day to schedule a closing.

Here are the details for the two single-family homes that closed last week; one bank-owned and one short-sale:

1) 7320 Stevens Ave. S.

Listed by: The Realty House

Single-family home: two bedrooms, one bath

Days on Market: 20

Lender-owned

Closed: September 1, 2011

Original List Price: $74,900

List Price at Time of Offer: $74,900

Sold Price: $90,000

2) 7204 18th Ave. S.

Listed by: Real Estate Solutions MN & WI

Single-family home: six bedrooms, two baths

Days on Market: 123

Short-sale

Closed: September 2, 2011

Original List Price: $99,900

List Price at Time of Offer: $99,900

Sold Price: $102,000

Seller Contribution: $3,000

Stephanie Fox is a licensed real estate agent with Coldwell Banker Burnet.