Among contracts that closed in March 2016, the median number of days to close a contract was 39 days, slightly up from 36 days in July 2015 when NAR first started tracking this information in this survey, according to the March 2016 REALTORS® Confidence Index Survey Report. Nearly half of REALTOR® respondents reported a longer closing period compared to a year ago.
In reporting on their last contract that went into settlement or was terminated over the period January–March 2016, 27 percent reported a delayed settlement. Financing, home inspection, and appraisal issues were the primary causes of the delay.
While there are reports that “TRID is causing delays” and “making transactions difficult,” there are also reports that TRID has been “fairly easy to deal with” and that the TRID rules “aren’t a major problem,” largely because the industry prepared for the changes in the time between announcement and implementation. However, REALTORS® have taken issue with not being able to have access to the Closing Disclosure. Without access, they cannot quickly review the documents for errors, and delays in catching errors can lead to delays in home closings.
11 Respondents were asked “For the last house that you closed in the past month, how long was it on the market from listing time to the time the seller accepted the buyer’s offer?” The median is the number of days at which half of the properties stayed on the market. In generating the median days on market at the state level, we use data for the last three surveys to have close to 30 observations. Small states such as AK, ND, SD, MT, VT, WY, WV, DE, and D.C., may have fewer than 30 observations.
Copyright NATIONAL ASSOCIATION OF REALTORS®. Reprinted with permission.