Maybe you’ve been renting an apartment for years, and you’re finally ready to own a home. Maybe you just got married or landed a new job, and you’re about to set out on a new path.
Whatever the reason, buying a home is often an exciting time. It’s the start of a new chapter in life, filled with a sense of adventure. It can also be an extremely frustrating time.
If you’ve found yourself groaning, “How long does it take to buy a house?”, you’re not alone. Fortunately, we’ve compiled a home buying timeline just for you! Find the answers to your questions in the guide below.
How Long Does It Take to Buy a House?
On average, it takes approximately 56 days to close a loan on a home purchase. While this may seem like too long, the home buying process takes several factors into account. Depending on how long each step takes, you may find that buying a house takes much less time for you.
What are the steps, you ask? We’ll assume that you’ve already done your research and know what your budget is. From there, the next step is finding an agent.
Finding an agent typically takes between one and seven days. This person should be your top advisor in the home buying process.
Ideally, your agent should be intimately familiar with your desired community to spot great deals. You can find excellent agents with groups like Top Guns real estate.
Get Pre-Approved for a Home Loan
Getting a pre-approval is one of the most pragmatic home buying tips. Typically, this process takes close to one week. For this process, gather all your mortgage pre-approval documents.
Then, compare rates from lenders within a two-week window. Most agents recommend you get a pre-approval before you make an offer. Once you have it, spend as much time as you need shopping for the right house.
Offers, Negotiations, and Contracts
Once you find a house you love, the next step is making an offer. Work alongside your agent to determine your price, possible contingencies, and other terms. It’s best to include your pre-approval letter in your offer, as well as 3%-4% of the price.
It’s possible you may receive a counteroffer in the course of negotiations. If so, respond as soon as you can. The last thing you want is for another buyer to enter the fray with a higher offer.
If all goes well, you’ll enter a contract. Typically, this whole process takes anywhere from one day to one week.
Final Mortgage Approval
Once you sign the contract, you’ll apply for your final mortgage approval. Lenders require other steps once you choose a home, such as an inspection and appraisal. They’ll also want to see the most current copies of your financial documents.
Find an Agent Today
If you’re wondering “How long does it take to buy a house?”, start taking concrete steps to shorten the time. It’s often best to start by finding a real estate agent you can trust. Find your real estate agent today and begin your house buying process in earnest!
We hope you enjoyed this article! If so, check out our other content today.