just say no to Friday
Issue 95 - July 29th, 2022
Happy FRIDAY, but hopefully you are not anticipating an upcoming Friday for a home closing as this day can spell trouble for a number of reasons.
If you have movers set-up for a Saturday and the Friday close is missed then you have to reschedule all of your moving plans
Wire cut-off time mishaps will mean you have to wait over the weekend for funds
Lenders and escrow companies are more likely to have a number of home closings on Fridays causing delays in funding or signing of docs
People love to take holidays on Fridays (especially during the Summer) and leave title and escrow companies short staffed to get fundings done on a Friday
To save yourself some potential headache during the transaction closing process, you should aim to close your home between Tuesday-Thursday. You give yourself some weekdays of overlap to correct any issues if a closing is delayed, and it won’t be delayed over a weekend.
Monday is almost as bad as Friday but not as treacherous, but I would still avoid Mondays similar to Fridays. Monday delays happen for a different set of a reasons, but the ideal timeframe for a close should be Tuesday, Wednesday, or Thursday!
Hopefully you have a great Friday today, but save yourself some headache in the future by just saying NO to Fridays when it comes to closing home transactions!
Newsworthy Links To Share
Currently, REITs are trading at an average 11% discount on the actual value of the properties in their portfolios, a clear sign of hesitation from investors compared to 2021. “Going forward, we see [a] risk of continued downside in pricing,” said Dave Bragg, an MD at real estate analytics firm Green Street. “If investors agree with us, maybe it’s contributing to their reluctance to buy right now.”
PunchListUSA announced closing a $39 million Series A led by Sweetwater Private Equity and Morpheus Ventures. The company says the capital will be used to develop technology that can create instant repair and renovation estimates, and to open offices in order to expand into more than 30 markets through 2023. Founded as an agent-focused contractor services company in 2018, the company has since evolved to provide online ordering, tracking and pricing transparency to homeowners, and claims to be the first platform digitizing national home inspection data. (FinLedger)
MSCI released its annual Real Estate Market Size report, revealing that the overall market size grew 8.57% from 2020 to $11.4 trillion in 2021. U.S. properties also took up a bigger piece of the pie at 41.6%, up from 40% in 2020.
For millions of aspiring homeowners across the U.S. who were priced out of homeownership and forced to keep renting, knowing that renting is still cheaper than buying in 75% of U.S. cities might not offer much consolation. But it’s true.
Several brands you may have heard of announced new office leases this week, while others are expanding into new territories. Apple is buying a new campus in San Diego for $445 million. Google looks to acquire an iconic office tower in Chicago. Dollar General plans to build three new distribution centers in Midwestern states. (CRE Daily)
RV Empire: Elkhart-Goshen, Indiana—which many call the “RV capital of the world”—is the new #1 real estate metro in America. Nearly 80% of all recreation vehicles manufactured globally are made in Elkhart-Goshen, which would explain its shockingly low 1.6% unemployment rate.
A Central Courtyard at This Sierra Nevada Retreat Evokes the Feel of a Campsite: The concrete-and-steel home by Faulkner Architects gives one family a refined escape in the mountains of Northern California. (Dwell Magazine)