Come August, buying a home will require a longer turnaround time than it has previously in the Bay Area. On August 1st, day 1 of Q4, the Dodd Frank Laws in Lending will be implemented. These laws will only apply to individuals who are taking out a loan to purchase their new home.
For both buyers and sellers, this means that the era of common 14-20 day closings will come to an end. The banks will now need anywhere from 15-30 days added to the closing date of the transaction.
Why such a long time addition to the transaction? Once in contract, there is typically material changes that need be made. Every time something is changed, there will be a 3 day freeze on the transaction. AKA your closing date will be pushed back 3 days from what you initially had estimated it to be.
I hope this information was useful to you. If you have any questions about buying a home, or are thinking you want to buy now before August 1st so you can close quicker, please contact me!