The National Association of Mortgage Professionals (NAMB) announced the results of its monthly member survey pertaining to the many challenges facing homebuyers, as well as numbers reflecting appraisal turn times, according to a release from the NAMB.
The primary findings include the following:
- Low home inventory was cited by 58 percent of respondents nationwide as the No. 1 obstacle for clients looking to buy a home, followed by down payment (18.5 percent) and credit (7 percent); and
- According to 57.6 percent of respondents nationwide, the average length of time to receive an appraisal is 10 days or fewer, for 36.8 percent of respondents, turn times average between 10 and 21 days.
Appraisal turn times are fairly quick in the Golden State, averaging fewer than 10 days for 79.8 percent of respondents. Of the three states, California was the only one in which appraisal turn times were reported to exceed 21 days, although only 2.2 percent of responses indicated average times between 22 and 30 days, the release said.
In Florida, the reported top obstacles to home buying were more balanced: low inventory was cited most often at 36.4 percent, followed down payment (30.3 percent) and credit score
Roughly 53 percent of responses the survey came from NAMB members in California, Florida and Texas. In California, 73 percent of respondents cited low home inventory as the number one obstacle for clients looking to buy a home, followed by down payment (9 percent) and credit score (3.3 percent).
Low home inventory in Florida is not as big a challenge as in California, Texas or nationwide.