Challenges in the Real Estate Industry

October 28, 2021

Overworked lenders, not enough appraisers, overwhelmed surveyors. These are all recent issues that have arrived with the high demand real estate market. Fixer upper homes that would have taken months to sell are selling more quickly now. A higher number of people are looking for homes in Texas now, than ever before.

Buyers are waiting in the wings and builders are selling out of inventory. Desirable  homes are receiving multiple offers and one local builder is auctioning off spec homes to the highest bidder. 

These unique obstacles in the real estate market are causing new problems during real estate transactions. Lenders are having challenges finding appraisers to determine accurate values of properties. Appraisers are charging exorbitant prices and taking weeks to return appraisal reports. 

Opportunity seekers are becoming appraisers, surveyors, real estate agents and loan officers during the busiest time in real estate. These people are inexperienced and lack knowledge. Their inability to complete their tasks correctly or on time is causing delays and even terminations of transactions. This is at no fault of buyers and sellers. 

Be careful in today’s real estate market and be understanding. Lenders hire appraisers and real estate agents are unable to control every aspect of a transaction. We can stay on top of the moving parts, but sometimes it’s just the luck of the draw if we get a new appraiser or other professional that isn’t fulfilling their duties correctly.

Many of these problems can be resolved when caught, but they do tend to delay closing dates.

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