A shortage of appraisers in Oregon is lengthening the homebuying process in the state, according to one local report.
Even though the market is hot right now to own a home, the time it’s taking now to close, or spend in escrow, is doubling if not tripling.
“45 to 60 days is now the norm,” Expert Properties’ Ben Joffer told KOTI-TV Channel 2 in Medford, Ore. “30 days is pretty much unheard of now.”
Principal Broker Rick Harris of Coldwell Banker Pro West Real Estate told the station there simply are not enough appraisers for the current inventory.
“If you’re in Klamath County, it’s almost 90 days,” Harris said. “During the downturn a number of appraisers retired, the standards went up, the people going into the business went down, so until that gets fixed that 30-day closing on a loan is not going to happen.”
Unique homes or listings in rural areas take the longest. And while experts don’t expect the longer closing time to go away any time soon, they say there is one way to still close in 30-days and that’s to pay in cash.
“Your agent needs to be writing that lender from Day 1 saying ‘Hey we need to get the appraisal ordered as soon as possible,’ ” Joffer says.