I used to love closing real estate deals in less than four months. Not anymore.
It takes twice as long these days. This is due to interest rate hikes, inflation and so much activity in the market. Plus, everyone is so busy.
A 30-day survey now takes 90 days. A 30-day appraisal takes 120 days. A 60-day environmental investigation now takes 120 days. All the vendors are booked solid and this has added three months to deal cycles.
We now have to pre-book these services as soon as we begin negotiating for a property – well before a contract is signed.
– Steve Massell, Massell Commercial Real Estate