Survey: Homebuyers Say Closing Takes Too Long

Homebuyers say the time it takes to close is the most frustrating part of the homebuying process and believe greater use of technology could smooth the process, according to a survey released Thursday by a company that provides technological support for real estate transactions.

The survey by Spruce found:

  • 82 percent of homeowners surveyed agree that technology could make buying a home easier.
  • 45 percent of homeowners surveyed cited the “time it takes to close” as the most frustrating part of the homebuying process – ahead of finding a home within budget, putting the offer in, getting a good deal, and confusion with the overall process.
  • 48.5 percent of homeowners think real estate transactions are outdated.

Spruce said the close window was 47 days over the last year.

“In 2020, we saw origination times tick back up to levels significantly higher than last year,” said Patrick Burns, CEO and co-founder of Spruce. “Lenders need to ensure they’re continuing to apply technology across their origination workflow to cater to what borrowers really care about–time-to-close being one of the most pertinent.”