Buying a house; how long does it realistically take?

___

Published Date 12/8/2023

Patience is indeed a virtue, but never more than when buying a home. The moment you find the one you want, of course, your brain kicks into action and suddenly your imagination has you moving in, with visions of family gatherings there taking place before your eyes.

“Not so fast” is the mantra when reality kicks in. So how long does it take to buy a house? There are some variables involved, but real estate experts estimate that the average time required is around four months from discovery to procurement to closing and move-in. Timelines are especially important for buyers who are renting and need to give notice or terminate a lease. Realtor.com’s Cathie Ericson adds, “Other buyers might want to pace their house hunt so that they are settled in their new home before the start of school. Still other buyers might also be home sellers who first need to close on the sale of their old house before they can buy their next house.”

In other words, homebuyers might need to fit their home search into any number of time-sensitive situations, so knowing how long the buying process typically takes can help them plan accordingly. That four-month estimate, however, is a good one only if everything goes smoothly. Obstacles can crop up, such as issues with the home inspection, needed repairs as a result of it, the appraisal not meeting the purchase price, mortgage issues, or other things, which means the real estate buying process could take even longer.

Because buying a house is anything but an impulse purchase, Ericson offers a rundown of the various stages you’ll encounter while home shopping to help you plan your buying timeline just right.

First? Put off the house hunt for now and get pre-approved for a mortgage. This is presuming you aren’t planning to make an all-cash purchase, of course. Begin speaking with a mortgage lender or broker to start the loan process early so there are no surprises. You’ll need to gather all the documents required, including pay stubs and tax forms. And if your credit score is not what your lender expected, it can take months to clean up your finances so you’re in better standing. Oh. And cash. You’ll need to make sure you’ve got enough cash so you can afford to make a decent down payment on your mortgage as well.

Once your finances are in good shape, your pre-approval should be a breeze. This important milestone is a contract stating that the lender, based on all the hard work you’ve done to provide it with documentation of your worthiness, is willing to lend you a certain amount of money, and having the document is a major asset. Why? Because it shows sellers that you can afford their house and that you mean business.

Ericson adds, “If your financial circumstances don’t change much by the time you close this real estate deal, you can ask a lender to extend that loan promise for an additional 90 to 120 days or longer; you can also lock in a great interest rate so it doesn’t rise by the time you’re buying a house.”

Realtor, TBWS

All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.