How long will it take me to get a home? Whether you’re eager to buy a house right now or simply want to plan ahead for the future, you’ve probably asked yourself this question. If you’re struggling to come up with a clear answer, you’re not alone. The question is trickier than it seems at first glance. Many different factors impact how long it takes you to complete your journey to homeownership.
How Long Will It Take Me to Get a Home?
Every home-buying scenario is unique. Different buyers are operating in wildly different circumstances. While they may share the common goal of purchasing a home, the multitude of variables that they bring into the situation and encounter along the way make it nearly impossible to offer a universal answer regarding the time frame for a home purchase. Fortunately, that doesn’t rule out the possibility of making an educated guess. To get started, learn how long each of the typical steps involved in buying a home tends to take.
The Average Timeline for Buying a Home
While we can’t offer an exact timeline, Houselogic offers the following breakdown to help aspiring homebuyers get a rough idea of how long buying a house will take:
Getting preapproved for a mortgage typically takes 5 to 8 business days.
FINDING A REAL ESTATE AGENT
Selecting a real estate agent normally requires between 1 and 7 days.
FINDING A HOME
Finding a home that you want to buy and making a winning offer can take a matter of days or much, much longer. It’s highly variable and depends on your market, your resources, and your requirements. Buyers commonly spend 10 to 12 weeks actively hunting for a home and view a median of 10 homes during that period. However, some find the home that they’ve been yearning for on their first outing, strike gold with their offer, and immediately sign contracts to purchase their dream home; other buyers spend months actively searching and negotiating before finally managing to secure a property.
GETTING APPROVED FOR A MORTGAGE
Turning a mortgage preapproval into a full-fledged approval normally takes a few days, but it can take up to 3 weeks.
COMPLETING APPRAISAL AND INSPECTION
The home appraisal and inspection may only take a matter of hours to complete, but getting them scheduled and completed typically requires 3 to 10 days. If the inspection uncovers any issues, renewed negotiations or necessary repairs may add more days to the timeline.
Arranging for title and homeowners insurance policies normally requires a week or two.
PREPARING FOR CLOSING
Traveling from signing the purchase contract to the closing table traditionally takes between 30 and 45 days, but this depends on your financing. It’s not unusual for certain types of loans, including VA, USDA, and FHA loans, to take longer to close.
CLOSING & TRANSFERRING FUNDS
Formally closing on the property can seem like it takes forever since there’s so much paperwork to sort through and sign. However, it generally only requires a few hours to transfer the required funds to the appropriate parties, sign the necessary documents, and collect the keys to your new home.
Before You Buy
As SmartAsset indicates, having everything in order before you begin actively hunting for a new home can have a huge impact on how long it takes to buy. Taking the time to ensure that your finances are in good shape, that your credit is as strong as possible, and that you have your thoughts and documentation organized will definitely speed up the process. Doing a little homework so that you have a basic understanding of what’s involved in buying a home and how mortgages work is also helpful.
“How long will it take me to get a home?” you ask? While it’s difficult to provide an accurate, one-size-fits-all answer to that question, enlisting the assistance of reputable experts will help you chart a smoother and more efficient course toward homeownership. At PrimeLending of Kansas City, our primary objective is your success. We want to learn what your housing goals are and help you find the best way to reach them. To discover how we can assist you, contact us today.