How Long Should It Take to Buy a Home From Start to Finish?
Buying a home is an exciting experience! Once you’ve decided to buy, you can’t wait to find the perfect home, move in, and start choosing furniture. However, the home-buying process may take a little longer than you might like. On average, you should not expect to actually move into the home until about 3 months after you’ve decided to buy.
Here’s a closer look at how long each step of the home-buying process may take:
1. Searching for a Home
You’ve decided to buy, and now you need to find the perfect home. Your first step should be to meet with real estate agents and choose one who you’d like to work with. During this time, it’s also a good idea to get pre-qualified for a mortgage, so you can have that approval letter in-hand when you are ready to make an offer on a home.
Then, it’s time to go home-shopping. Your real estate agent can take you to numerous homes that meet your specifications. Once you start seeing homes, it’s only a matter of time before you fall in love with one.
This whole process—from interviewing agents to finding a home you want to buy—can happen as quickly or as slowly as you want. Some people find the perfect home in one week; others take 6 months. One month tends to be the average.
2. Making an Offer
When you find the home you love, your agent will help you make an offer. Once you submit the offer, you can expect the seller(s) to approve or reject it within a day or two. They could come back with a counter-offer. You can accept the counter-offer or make another counter-offer of your own.
Most home purchase contracts are contingent on the home passing inspection. So once the seller has approved your offer, you will need to have an inspector examine the home inside-out and pinpoint any possible issues. If the inspection reveals potential problems, you may want to reduce your offer to reflect the repairs you would need to make.
This entire step, from making an offer to having the home inspected, to negotiating based on the inspection, typically takes about one week—sometimes two if the inspection reveals issues.
3. Awaiting Closing
Your offer was accepted. The home passed inspection. Now, all you have to do is wait. During this period, your real estate attorney and the seller’s attorney will be reviewing the contract, researching previous liens on the property, issuing a survey, and making sure everything else is “buttoned-up” legally.
The bank will also review your application details, including your income, credit, and existing debt to finalize your mortgage. You may need to supply additional information to the bank during this time.
Most of the work goes on behind the scenes. You’ll feel like you’re just waiting around, but the bank and attorneys are performing a very important part of the purchase process. The closing process can take one to two months, depending on regulations in your area. If you’re buying your first home and don’t need to arrange to sell a home at the same time, closing should happen a bit sooner.
Buying a home may feel like a bit of a waiting game, but it’s also very exciting! Plan on the process taking about three months from start to finish.
Equal Housing Lender