7️⃣Lengthy Transaction

Lengthy transaction times in the real estate industry pose significant challenges that can affect all parties involved, including buyers, sellers, and real estate professionals. These delays can lead to frustration, increased costs, and missed opportunities.

Lengthy real estate transactions arise from a combination of complex processes, extensive paperwork, and potential funding delays. According to the data from ICE Mortgage Technology, the average time to close a house in the U.S. is approximately 44 days, though this can vary based on factors such as the lender and the borrower's financial situation.

Another survey by the National Association of Realtors (NAR) reveals that only 67% of real estate contracts settled on time in 2023, down from 75% in previous years. This decline indicates a growing trend of delays in the closing process, which can result in lost deals and dissatisfied clients.