According to the Realtors Confidence Index, in March, 23% of real estate professionals said that they faced closing delays for a real estate transaction and 7% said that their sale contract was killed altogether. This confidence index is based on responses from over 2,500 Realtors nationwide. The most common reason for a delay was a client who was having problems getting financing, followed by home appraisal issues.
Though it remains the top roadblock to closing, fewer respondents cite financing as an issue today than when the survey began tracking such data. “The decline may reflect the improvement in the economic environment, better credit histories from borrowers, and improvement in the loan evaluation processes of mortgage originations,” the report notes.
Real estate professionals are saying that a shortage of appraisers, valuations that are not concurrent with current market conditions, and appraisers who are coming in from outside the local area and are not familiar with the local market are causing the most common appraisal issues. According to a separate National Association of Realtors survey, 55% of home mortgage creators surveyed are reporting some level of difficulty getting appraisals.
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If you’re looking to buy or sell a Lemont IL home, you’ll want a great real estate agent to help you along the way. Contact Lemont Il real estate agent Chris Budz for all of your Lemont IL real estate agent needs.