Most Contracts Are Settled On Time

October 5, 2016

During the June–August 2016, the REALTORS Confidence Index Survey Report found that respondents said contracts were settled on time 64 percent of the time. Delayed settlements occurred 30 percent of the time, and six percent of contracts were terminated.

Economists’ Outlook also notes:

Among contracts that had a delayed settlement (30 percent), issues related to obtaining financing, appraisal, and home inspection were the primary causes of the delay. The fraction of delays due to appraisals has increased in recent months, in part due to a shortage of appraisers and other issues reported by REALTORS (e.g., being asked to make “inspections”).

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