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Long Island’s strong real estate market and the lawyer’s role

On Behalf of | Nov 21, 2022 | Real Estate |

The rise in mortgage rates has affected real estate markets across the country. Fortunately, on Long Island, the market has remained strong as house prices continue to climb.

How strong? In September 2022, the median sale price for homes was $625,000, which is a 4.2% increase year-to-date. Additionally, the average house was only on the market for 41 days. That is the shortest documented time in over two decades.

In such a competitive market, having a real estate attorney’s help may give homebuyers and homeowners an advantage.

The risk of going unrepresented

Many people think they can navigate the real estate process on their own or with only the aid of a realtor. For some, this may be all they need. However, reviewing complicated contracts and negotiating on your own can add another level of complexity to this process and leave you overly vulnerable to potential risk.

The risk exposure can take many forms, as problems with title, financing or inspections often pop up out of nowhere. Resolving them without legal guidance can be difficult – and may make your transaction go awry. To prevent this, prospective buyers and sellers in Long Island can gain peace of mind and feel protected by working with a seasoned real estate attorney.

How can a real estate attorney help?

No matter where you are in the process, an attorney can add value by identifying hidden issues or detecting future problems before they arise. Additionally, a lawyer can remove the stress from the entire process and assist with various transactions, including:

  • Ensuring title is clear and resolving any issues
  • Addressing inspection issues
  • Reviewing agreements, contracts, and disclosures

With the market so strong on Long Island, you may feel tempted to go ahead with the real estate process on your own. But to protect yourself, and to feel reassured and prevent potential problems, it makes sense to seek out the guidance of a real estate lawyer.