Stop! When’s Closing Time?
Semisonic’s song, “Closing Time,” might come to mind when you are itching to close on your first-ever home and become an official homeowner:
“Closing time, open all the doors and let you out into the world”
Except – when exactly is “closing time” for the real estate world? How long can you expect your closing to take?
According to an origination report from ICE Mortgage Technology, the average time to close all transaction types averaged 58 days in December, which is an increase of 10 days when compared to the same month a year ago.
The average time to close a refinance held at 59 days month over month, and the average time to close purchase increased from 56 days in December to 57 days in January.
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