The Southern California real estate market has been hot for many months. Home buying continues to surge, while a lack of inventory has created a seller’s market. At the end of August, inventory was down 25% in Los Angeles and Orange counties. According to Zillow data, this marks a four-month-long increase in buying activity.
Seller’s markets are frustrating for buyers when they are repeatedly outbid on homes that they love and are forced to restart the buying process. For the week ending August 29, there were just 25,800 homes on the market, a 34% decline over the same week last year.
This has prompted buyers to act quickly. The median time for a home to enter escrow was just 12.5 days during this time period compared to 22 days during the same period in 2019.
Our Escrow Roadmap for Buyers is an invaluable resource for buyers who have had their offer accepted and are entering into the escrow period. Here is a quick snapshot of the timeline of events; please see the Escrow Roadmap for Buyers for a more comprehensive overview.
Buyers can expect the 30- to 45-day timeline to look similar to this. Please do note that all transactions are unique, and no one is the same.
- Escrow Opens
- Receive Opening Package from Escrow
- Complete Due Diligence on the House
- Organize and Lock-In Your Loan with Your Lender
- Renegotiations and Amendments
- Receive Estimated Closing Statement
- Escrow Receives Loan Documents from Your Lender
- Escrow Closes
And, of course, please reach out if we can answer any questions or assist you with an escrow. Our team is here to serve you!