A recent survey from the National Association of Realtors found that closing a sale on time has become a greater challenge in recent months. In May of this year, over 70% of survey respondents reported that closing on time was not a major obstacle. This number dropped slightly over the summer, down to around 65%. In the most recent survey, however, only 47% reported their transaction generally closed on time. Some of the biggest obstacles to closing on time were financing challenges and appraisal problems.
What does this mean for the home buyer or seller? Don't expect that everything will progress with any obstacles, and make sure you have an agent that is prepared to deal with any challenges that may arise. Be realistic with your timeline and be proactive in checking in on the progress of the transaction.
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