How Long Does It Take To Buy A House?
Crucial Steps To Know How Much Time & Money You Need To Buy Your Dream House
Whether you’re buying a new home or moving into a rental property, it’s a huge investiment of time and money. You must plan the process carefully so you don’t end up wasting efforts in vain.
You must consider all the things involved, including mortgage payments and house hunting. Taking notes of the crucial steps can help you know how much time and money you need to buy your dream house.
Some buyers say they spend anywhere from 2 months to 3 years to complete their purchase. Nonetheless, it depends on the type of property, the loan, the location, and even the size of your down payment.
A Torosa Realtor shares below all you need to know about
Finding An Agent Takes 7 Days (On Average)
The first step is finding an agent or realtor. You probably know a colleague, friend, or family member who recently bought a house. Ask these people about their contacts to find a reputable agent.
Your agent must be someone you like and trust who has a lot of expertise and knowledge about the real state market. A good agent should help you find a good purchase and see the twists and turns of deals.
Getting Pre-Approval Takes Between 8-10 Days
Loan pre-approval is necessary before qualifying for a mortgage. You will need certain documents for this process, including pay stubs, tax returns, debt, and credit score information. If you are buying the house with your partner or fiancée, both will need these documents. You can also contact lenders to check the best rates.
During this stage, credit bureaus count credit inquiries as only in a 14-day window.
House Hunting Takes Up To 5 Months
House hunting is one of the longest stages of buying a house. It takes an average of 4 months minimum to purchase a house as long as you are well-instructed with a The Villages Realtor. Otherwise, it could take longer.
This period varies depending on factors like season, financing needs, the type of home, and the inventory list on the market.
Open houses are crucial to getting used to the market. Visit them to familiarize yourself with the market and write a list of what you prefer in terms of location, home type, and unique features. Your real estate agent will also schedule private appointments to check your preferred homes.
A home offer may be ready the same day, but take yourself enough time to sharpen your bidding skills.
Making An Offer Takes Up To 5 Days
Once you find the house, all you have to do is to put in an offer. You and the agent will decide on the price you are offering. Your agent should also explain all you need to know before starting the offer.
On average, you’ll need the standard 1% earnest money, but in a tight seller’s market, you can bump the number up to 3% to 6%. Include a personalized letter to the owner telling them how much you love the house if you want to increase your chances.
This stage is delicate, so always consult with your Rancho Mirage Realtor.
Getting A Mortgage Takes Up To 21 Days
Congrats! Your offer is accepted. Now it’s time to start the mortgage process.
This part is tricky because you will jump through more hoops and gather more documents like bank statements and work stubs. The interest rate may vary depending on the lender.
Your lender will also ask you for an appraisal and inspection to write down the lengthy list of closing costs and calculate yours.
This process usually lasts a few weeks, during which you can keep in touch with your lender via email or phone every few days to know how is it going.
Closing On The House Takes 40 To 50 Days
You must schedule a final walk-through with the owner on the day of closing or the day before. This final walk-through is necessary to ensure that repairs are ready and nothing has been damaged.
Your lender should tell you how you must pay closing expenses (through a cashier’s check or money transfer). You will also need a photo ID and a pen to sign the documents.
Once you are done with that tedious paperwork, you receive the keys in hand and you are ready to enjoy your new home!
A Maricopa Real Estate Agent Ready To Help
Buying a new house takes about 40–50 days once you’re under contract, so you need a trusted realtor on your side to keep everything under control. At The Maricopa Real Estate Company, we guarantee the best service to find the house you’ve been looking for at the best price! Contact us now to find the best offer!
The Maricopa Real Estate Company
21300 N John Wayne Pkwy Suite 101
Maricopa, AZ 85139