As we enter the month of March, the farmland real estate market in Saskatchewan experiences what we affectionately term "March Madness." This period is characterized by a flurry of intense listing and sales activity, where timing becomes critical for both buyers and sellers of farmland. Understanding the unique dynamics of this season is crucial for anyone looking to navigate the market effectively.

What Drives March Madness?

The urgency of March Madness is deeply rooted in the ever-changing seasonal nature of agriculture. Farmland owners are well aware that failing to sell their property by the end of March effectively means committing to another year of farming that land. After all, nature waits for no one. Deciding to sell is frequently a challenging decision, often complicated by procrastination, which leads some owners to delay listing their properties until the eleventh hour.

Existing listings that have lingered on the market may drop their asking prices to spark new interest and attract the remaining pool of buyers. Consequently, these newly listed and price-reduced properties find themselves in stiff competition to secure a sale before the end of March.

For buyers aiming to take possession of farmland in time for the seeding season, the transaction must be completed by early May at the latest. A swift transaction can take as little as 30 days to complete, meaning all negotiations and due diligence activities must be concluded within March. There's absolutely no room for dawdling.

Seller's Checklist

For sellers, setting the right price from the get-go is paramount. There's no leeway to "feel out" the market or adjust pricing later. A mispriced property is likely to remain unsold, leaving the owner to farm it another year.

• Engage with Your Accountant: Your accountant's advice is indispensable. Given the urgency, ensure you're not left waiting for their input. Remember, accountants are juggling multiple clients during their busy time of the year. 
• Alert Your Lawyer: Inform your lawyer in advance about a potential transaction to ensure they're prepared to act swiftly when the time comes.
• Communicate with Your Lender: If you're planning to pay off a mortgage, initiate this conversation early. Knowing exactly what your lender needs from you will expedite the process.

Buyer's Checklist

Buyers face the challenge of making swift yet informed decisions without skimping on due diligence.

• Assemble Your Transaction Team: Ensure your lawyer, accountant, lender, insurance agent, and appraiser are informed and ready to act quickly.
• Adhere to Your Due Diligence Checklist: Keep focused on your checklist and its deadlines to avoid oversights.
• Prompt Your Lender: Secure a written decision from your lender as soon as possible. The luxury of time is not on your side during March Madness. Lenders are juggling multiple clients with similar urgencies so you must be proactive in monitoring progress on your application.

How Technology Can Help

Leveraging technology can significantly streamline the buying and selling process.

• Electronic Signatures and Funds Transfer: These tools expedite the paperwork and financial transactions, cutting down on delays.
• Drone Videos and Satellite Photos: These provide detailed views of the property, enhancing the buyer's understanding and confidence in their purchase and leading to quicker decisions.
• Comprehensive Information Packages: Having detailed property information ready for distribution via email or on a website can speed up the decision-making process for potential buyers.

Conclusion

March Madness in the Saskatchewan farmland real estate market is a period of intense activity, driven by the urgency to close transactions before the seeding season begins. Both buyers and sellers need to act decisively, leveraging the advice of their trusted advisors and the benefits of technology to navigate this critical time effectively. Remember, in March, time truly is of the essence. Whether you're looking to sell your farmland or seeking to purchase, preparing in advance and moving swiftly will be key to your success during this hectic month.