If you’re thinking about buying your first home – or if it’s been a while since your last home purchase – you’re probably full of questions. One of your biggest questions may be related to how long it takes to buy a home, so here’s the answer.
How Long Does It Take to Buy a Home?
The amount of time it takes to buy a home depends on several factors, but on average, it takes at least a few months. That includes the time it takes you to find the space that’s just right for you, as well as the time it takes your lender (if you have one) to process all your paperwork and finalize your mortgage. Here’s a breakdown:
- 30 to 45 days: People often look at several homes for sale before settling on one, so it may take you a month or more to find one that’s right for you.
- 10 to 15 days: It typically takes a little over a week to do due diligence. That’s your time to have the home inspected and deal with other issues.
- 30 to 45 days: Even with mortgage preapproval, it can take a little over a month (and sometimes more) to get your actual mortgage approved.
Related: 3 great reasons to come up with a strong down payment before you buy a home
Looking at Your Dream Home
Sometimes people find and buy their dream home in just a few weeks, while others may spend months looking for the perfect space. No matter how long it takes you to find your dream home, we’ll be here to help you enjoy the process. Your real estate agent will schedule tours for you to see homes you’re interested in, so feel free to take your time and be thorough. You can use these tips to help yourself along the way:
- Bring a printout to write on or take digital notes on each home you tour. That way, you won’t forget important details – especially if you’re seeing multiple homes in one day.
- Ask your agent if it’s okay to take photos of the homes you see to help keep your memory fresh when you’re done touring.
- Don’t get caught up on cosmetic details; many of the things you don’t like about a home may be easy to change, so if the layout, location and other elements are right, it may be worth making an offer.
- Don’t wait too long to make an offer. The market moves quickly, so if you find something you like, you should bid on it as soon as you can.
Offers and Negotiations
After you find the home of your dreams, it’s time to make an offer. Your agent will help you determine a fair price for the home based on recent sales in the area, as well as any special features or upgrades that may add to its value. After you have a price in mind, your agent will present your offer to the seller’s agent, who will then present it to the seller.
The seller may accept your initial offer outright, or they may make a counteroffer that’s higher than your original bid. If you’re not comfortable with their counteroffer, you can make another counteroffer of your own, and the negotiation process will continue until you reach an agreement.
Related: Do you need preapproval before you make an offer?
Closing the Deal
After you and the seller have agreed on a price, it’s time to close the deal. This process usually takes about 30 days, during which time your loan will be processed and all the necessary paperwork will be completed. When everything is in order, you’ll sign the final documents and officially become the owner of your new home.
Related: What are mortgage points?
Welcome Home!
Buying a home is a big deal, and it’s natural to have lots of questions along the way. Just remember to take your time, do your research and ask for help when you need it, and you’ll be in your new home before you know it.
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