One of the most common questions buyers will ask is “how long does it take to buy a home”
Taylar has the answer in this week’s Theory Thursday!
Homes aren’t impulse purchases. It takes time to sift through listings and make your way from one home showing to the next. Then, of course, there are those agonizing hours you wait to find out whether or not you can qualify for a loan, if your offer on a home was accepted, and then waiting for the home to close.
One of the most common questions buyers ask is “how long will the home buying process actually take?” Some folks think that it all comes together immediately, while others assume that it will take months before they move into their dream home.
Today we’re going to answer the question: How long does it take to buy a home?
To answer that question, we need to break up the home buying process into a few different stages.
The first stage is getting pre-approved for a home loan. 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 stage is 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 spends weeks or months looking at homes before they find “the one”.
Getting Your Offer Accepted
The third stage is getting your offer accepted. 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 toes 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. Expect to hear back within three days (but hopefully sooner).
The last stage is the closing period. Once the offer has been accepted by the seller, you typically have to wait 30-45 days for the house to officially close. During this time will be the inspection, the appraisal, and finalizing the mortgage.
We hope you enjoyed this Theory Thursday, and that it 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!