Historic low inventory is the main obstacle that is preventing prospective homebuyers from purchasing property, according to a survey released by NAMB—The National Association of Mortgage Professionals
In a poll of its membership. NAMB found 58 percent of respondents cited low home inventory as the primary problem in homebuying, followed by down payment (18.5 percent) and credit (seven percent). Furthermore, 57.6 percent of respondents stated the average length of time to
receive an appraisal is 10 days or fewer, while 36.8 percent of respondents reported turn times
averaging between 10 and 21 days.
NAMB also subdivided its results among California, Florida and Texas. In California, 73 percent of respondents cited low home inventory as the chief cause of homebuying problems, while 58 percent of Texas respondents and 36.4 percent of Florida respondents felt that way. California’s appraisal turn times averaged fewer than 10 days for 79.8 percent of respondents, compared to
60.6 percent in Florida and 54.8 percent in Texas.