How Long Does it Take an Albuquerque Home to Go from Listing to Closing?

How Long Does it Take an Albuquerque Home to Go from Listing to Closing?

Transcript Snippet: “Tego:

So a question that came up Tracy this week and I, and I ran some data on it, which was, how long does it take for a home to, from, from the point it goes under contract, we either the under contract or pending due diligence in escrow, whatever you wanna call it. Right. That, that period

Tracy:

To closing,

Tego:

To closing. How long do you think it takes

Tracy:

On average? Yes, I’m gonna guess it takes 30 days.

Tego:

Okay. So in, <laugh>

Tracy:

Making me

Tego:

I know I’m putting you on the spot. So in 20, in 2020, no, that’s 2021 in 2021. It was 59 days on average.

Tracy:

Wow. Almost two months. Yep. And basically two months.

Tego:

And then in this year 20, 22, so far, this year, it’s 55 days.

Tracy:

Wow. I would’ve thought during the serious COVID years of 20 and 21, the days from contract to close would be longer. Because it was hard getting your documents, getting tax transcripts, a lot of the businesses weren’t staffed.

Tego:

So get this in 2019. Okay. Yeah. Again, going back to the, the, the, that whole idea of the last kind of normal real estate market we had average days on from, from contract to close was 78.

Tracy:

Oh my gosh.

Tego:

So, you know, it’s, it’s

Tracy:

Really, maybe there’s a lot of new construction in there.

Tego:

I, I, that’s the only thing I can think of

Tracy:

Because right. Because

Tego:

I didn’t dig into that too long, but you know, for the most part for resales generally, how long does it take?

Tracy:

It’s typically 30 to 45 days. Yeah. Yeah. From contract to close. So if you’re a seller boy, that 30 day close is tight, right. When you have to plan your pack, your move and, and your house cleaning and, and all of the logistics of selling your house. It’s quick. I know in, in some markets like Minnesota, yeah. 60 days is like the minimum people put on the contract to close. Right. It’s just normal that way here, we see 30 to 45 days all the time, but then there’s often extensions just because things aren’t ready yet.

Tego:

Yeah. So, so the, you know, the, the the, the thing that, that people have to understand, there’s all these different things that have to happen from, once you go under contract, tell you’re, you’re ready to, to sign and, and take possession and, or turn over the home and it’s inspections, but it’s title work. And something that jumped out at me tracing when I was looking at this was, if you look at Torrance county 120 days on average,

Tracy:

I totally believe

Tego:

That. And on Bernillo county 51 days. And, and I understand that, right. Explain why.

Tracy:

Well, we did purchase a property in Torrance county. Yeah. This year and two years ago, mm-hmm <affirmative> and Torrance county title work takes a really long time. Yep. They, you turn a, a contract into the, the title company and to get the paperwork, to show who owns it and that they can convey clear title. And whether there’s any liens against it, it can take, well, we had one that took about three months. Yeah. We, we were ready to close right away because it was a cash purchase, a little piece of land in Torrance county that we bought. Yep. And it took forever. Yeah.

Tego:

It was. So

Tracy:

Just quite the process,

Tego:

Burillo county, Sandoval county, Valencia county, which are obviously the three main counties. But

Tracy:

Santa Fe county, too, Santa Fe county, they all go quickly.

Tego:

Yeah. It’s, it’s, you know, not, not a big issue there, but you get to SIBO county, which is grants or Torrance county, which is, you know, Sania valley in that area. It’s just gonna take longer. So just, just something to think about.