One definition of "time is of the essence" comes from the legal side of The Free Dictionary:

n. a phrase often used in contracts, which, in effect says: the specified time and dates in this agreement are vital and thus, mandatory, and "we mean it." Therefore, any delay, reasonable or not, slight or not, will be grounds for cancelling the agreement.

Usually "time is of the essence" refers to legal contracts, but we regularly use the term when talking about real estate in general.  When you’re buying or selling homes real-life emotion is involved; the clock is ticking throughout the process.

In the negotiation, time is of the essence.  What if another contract comes in stronger than yours?  It’s almost like a courtship dance where you approach your partner, then pull away, you get closer in the next time, but not quite there.

Time is of the essence.

How many people have missed a flight because their cab was delayed 30 seconds by a light?

Time is of the essence.

When I was a teenager, I lived briefly in a tiny town in the middle of nowhere.  One day when I went to the mailbox, there was a strong sense of urgency that had me glued at the end of my driveway watching as cars drove by.  I didn’t know why and I didn’t understand it.  But years later as I talked with my husband-to-be, I told him I lived in St. Meinrad.  He laughed and said he got lost in St. Meinrad one day with his friend.  They drove back and forth until they found their correct route.  I asked when that happened.  It was the summer of 1977.  That same summer - perhaps that same day - that I stood watching the cars drive by.  To this day, I believe we were drawn to the same spot.  But then, the time wasn’t right …. and time is of the essence.

Time can be your friend, it can be your enemy.  But it’s always important.

Photo from here.