How many of the Pending Sales announced every month actually go to closure? According to information from the REALTORS® Confidence Index Survey, the answer is “Almost All, generally over a period of up to 60 days depending on buyers’ and sellers’ needs.” To be specific:
- 63 percent of contracts are reported as settling on time.
- 29 percent of contracts are delayed, but eventually go to settlement.
- Seven to eight percent of contracts do not close—i.e., they are terminated. Generally the potential buyer moves on to another purchasing opportunity.
The top three contract delay problems are financing, appraisal, and home inspection issues.
What does this mean for your plans?
Let’s put the local numbers in context for your home or next move.
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