The Biggest Hurdles Causing Closing Delays
Financing and appraisals are the culprits causing the most delays in home sales or terminated contracts, according to the latest REALTORS® Confidence Index survey. With little supply on the market, homes are continuing to sell quickly—typically within 21 days—and are garnering an average of nearly four competing offers, according to the report. Home prices have been rising by double-digit percentages over the past year, which could help explain some of the appraisal issues that are emerging. The REALTORS® Confidence Index survey, conducted by the National Association of REALTORS®, is based on responses from more than 4,000 real estate professionals nationwide about their recent real estate transactions. The latest report reflects responses about January transactions. Sixty-five percent of sale contracts were settled on time, but 29% faced a delay, the survey shows. Only 6% were terminated prior to settlement. The top issues that prompted a delay...