One of the most common questions buyers will ask is, “How long does it take to buy a home?” Some folks think the home buying process all comes together immediately, while others assume it will take months before they move into their dream home. However, it’s important to remember that homes aren’t impulse purchases. It takes time to sift through listings and make your way from one home showing to the next. In addition, there are a lot of steps to the home buying process! Any one of these steps can drag out your timeline, especially if you’re not prepared. So, to help prepare you and to answer the question, “how long does it take to buy a home,” let’s break up the steps of the home buying process.
Pre-Approval
Getting pre-approved for a home loan is going to be the first step in the home buying process. How long does that take? Honestly, it depends. Some mortgage lenders can give you a pre-approval letter in as little as a few hours if you have the credit score, income, and job history required. However, if you just switched careers, or you need to repair your credit, it can take a few months. We recommend speaking with a mortgage lender to find out if you qualify for a home loan.
Finding Your Dream Home
The next (and most fun!) step of the home buying process is going to be finding your dream home. Again, how long this will take will depend entirely on you. Some people end up buying the first home they look at, while others spend weeks or months looking at homes before they find “the one.” If you’re a first-time home buyer, read our First-Time Home Buyer FAQ blog post.
Putting In An Offer
Once you’ve found a home that you love, getting your offer accepted is going to be the third step. Unlike on “Property Brothers,” where offers are always accepted in a flash, the real world takes a bit more time. You may be tapping your fingers in anticipation, but sellers have some leeway when responding to an offer. They have three options: Whether to accept your offer, counter it, or reject it. When you submit an offer, you can expect to hear back within three days (but hopefully sooner).
Closing
The last step of the home buying process is going to be the closing period. Typically, once the seller has accepted your offer, you have to wait 30-45 days for the house to officially close. During this time will be the inspection, the appraisal, finalizing the mortgage, and the final walk through. When it’s time for the main event, bring your photo ID and stretch your hand muscles – you’ve got a lot of signing to do! But getting the keys? Takes hardly any time at all.
We hope this helped give you a better understanding of how long it takes to purchase a home! If you have any more questions about the home buying process, please give us a text or call at 253-537-HOME!
