Sep 16, 2015
If you are planning to sell your home, be prepared for the ball to roll quickly once you accept a contract. The time between a contract’s acceptance and the closing has notably shortened as the market bounces back from the recession.
For example, a closing used to range from 60 to 90 days – sometimes longer. In today’s market, the average closing takes approximately 40 days.
As a result, the time to complete building inspections, surveys, appraisals, title work, and the like is accelerated. Service providers have to complete the work quickly and buyers and sellers have to limit complex, lengthy negotiations to ensure a transaction closes.
A home on a sought-after Clayton street closed in 30 days.
The domino effect continues as the sellers' time to find and close on their next home is limited. Most often a seller must find a new home to purchase immediately – demanding a quick close – or move to temporary housing.
To minimize the stress caused by quick closings, a seller should be as prepared as possible before listing their home.