Home Closing Timelines This Year vs. Last

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At a national level, there has been a delay in closing timelines among the real estate industry. This delay is not simply due to COVID-19 and the added precautions that a large part of the industry has taken. It is also due to an increase in demand and a lack of inventory. Take a look at the chart from Forbes.

In Florida, being one of the hottest real estate markets in the U.S. currently, we have seen even more delays than the national average. Many real estate vendors are backed up due to the increased demand. However, some real estate agents aren’t experiencing much of a delay due to long-term vendor relationships that can sometimes push them to the front of the line. 

What can you do to help our industry and ensure that our transactions continue to run smoothly and on time? You can manage client expectations. You can speak to your clients upfront when submitting or accepting an offer that there may be delays in the process due to the state of the market. Managing these expectations upfront can help reduce the added stress that may occur when deadlines come and go. 

Be the hero to your clients by managing expectations upfront and having great vendor relationships.

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