I was watching a video from the National Association of Realtors in which their Chief Economist Lawrence Yun talks about the effect of TRID on the national level (2:35 to 3:40 second mark).
I decided to take a look at the effect of TRID in the Chicago real estate market. The local results are consistent with what is going on at the national level and that is the number of days from contract to close is increasing.
It turns out the average contract to close was identical from November of 2014 when compared to November of 2015 at 51 days. The median contract to close for November 2014 was at 43 days with November 2015 being at 46 days. November 2015 experienced a median 3-day increase from contract to close as a result of TRID.
It looks like TRID is impacting the market and the good news is, for the time being, the effect is only 3 days as required by the closing disclosure rule. I will take another look and see how things are going in December 2015.
Did I leave anything out or do you want to join the conversation? Let me know in the comments below.
Providing real estate appraisal services since 1999 with an array of experience in property appraisals that includes Divorce, Estate, Bankruptcy, Tax Appeals, Pre-Listings, Pre-Purchase, FSBO and more.
Our coverage area includes Chicago and the bordering suburbs.
For more information call us today at 773-800-0269.
Thanks for reading,