Do you want to buy a home but have no idea how long it will take in this market to find a home, make an offer and finally get to move in?
In this article I’m going to share with you the four steps in the timeline of buying a home. Be sure to read till the end for my bonus tip on how you can actually save some cash after you buy your home.
So you’re excited about buying your home but you don’t know when to start the process because you don’t know just how long this whole thing will take- will it be 1 month, 3 months, 6 months? How does this all work anyway? Let’s dive in and I’ll tell you…
For your first step I recommend you meet with a professional Realtor who can give you accurate information about what is actually going on in the market, the process of making an offer, how representation by an agent works and how to help you make a successful purchase. This can be done in person or via a virtual meeting. This step should only take a few days from the first contact depending on how well you can get your schedules to match up for a meeting.
The second step is speaking with a mortgage lender and getting prequalified for your home loan. This step will let you know what your downpayment will be and any costs associated with buying your home so you will feel confident knowing you’ve saved the right amount of money. You’ll also know what price range to be looking in and have a good idea of what your mortgage payment will be. This step should only take a few days from the first contact with a lender to you having your pre- qualification letter in hand so you can start looking at homes and making offers.
Your third step is the FUN part! Actually going out and looking at homes. For a lot of people, Its also the step in the process that really depends on YOU. But if I were to give you a general idea, most of the clients I have worked with in the past 20 years find their home within 1-5 weeks, so you can estimate it may take 1 to 2 months to find your new home. During this time you may end up making offers on several homes until you get one that is accepted, so patience is key.
The final step for you in the process is making an offer that is accepted and going under contract. Yay! You’re almost to the finish line. Once your offer is accepted a typical closing timeline is 30 days from the contract date. You can use that as a good rule of thumb. Closing is where you will sign the loan papers and get the keys to your home.
*Also, my bonus tip for you is that its very common for your first house payment to be another 30 days from when you get your keys, that means most buyers end up skipping a rent payment before their first house payment is due, giving you a little extra cash for some fun decorating maybe?
Based on those four key steps It will take most people roughly 3 months from start to finish to be moved into their new digs. Obviously this is just a brief outline of the timeline for buying a home, it’s a general guide, your journey could be much shorter or a bit longer. Let me know in the comments what your guess was.