Are Contract to Close times increasing?

This is a question we found ourselves asking on a recent prompt from Chicago Agent Magazine. There are many exhaustive factors that draw out the time from contract offer to actual close, so we were curious if in the past few years things have gotten any easier during negotiations.

For the most part the results are inconclusive, because the numbers waiver over the past 3 years in times between 0-30 and 31-60 days. There does however seem to be an increase in the longest times, as 61-90 and 91-180 day times have been on the rise. As Chicago Agent Mag points out, this could be due to greater lending restrictions. The 0-30 day average has been leveling out since 2008, possibly due to institutional investing expediting the negotiation process. Unfortunately, the number of issues factoring in a deal falling apart are still very real, and constant over the past 3 years.

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