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How Long Is The Process Of Buying A House?

buying a house
Length of House Buying Process
The home buying process is akin to a marathon for most people who are looking to make an investment in a home for the long-term. The reason this distinction is important is that there are people who like to ‘flip’ houses by buying quickly at a price that they perceive to be a value. After the quick purchase is made they can flip it quickly after renovations are made. This is a much quicker buying process and will not be focused on in this article because of the relative simplicity of this transaction.

The more common type of home buying takes anywhere from two months to six months depending upon the type of sale. In most cases, buyers are funding their purchase with a home mortgage of a longer duration. On average, it takes at least a week to get qualified for a mortgage from a bank and there may be several rounds of inquiry for documentation of a buyer’s income and asset verification before that step can be finished. There are typically checklists that a bank provides which will help you get the required documentation ahead of the submission.

After that, the biggest variable is finding the right home which is different for every buyer. The best way to find a home is to list out your location and targeted price range so that you can be put into a portal of available houses that you would like to view in person. Setting these showings up back to back is the best way to accelerate the process, but the goal for a buyer is to see a house when it first hits the market so that other prospective buyers don’t have the opportunity to pounce on a great value. The timing of finding the right home varies by each buyer’s determination to view enough homes to find the right fit. On average, the total time it takes to find the right home can be anywhere from a few days to a few weeks to even a few months. Nevertheless, the goal of this process is to find the right home for each buyer at a price that is palatable.

Once a buyer has found the home of their dreams, the closing process is the final step to go through and that usually commences once a deal is accepted and a home inspection is completed. The majority of closing processes take thirty to sixty days depending upon financing, but the bank usually dictates how long that process will be overall. Therefore, the part of the process that the buyer should try to control the most if they want to cut down on the timing of the purchase process is simply to find the right house. To do that it is advisable to go through as many houses as they can to help make the decision faster, easier and pain-free. A buyer will start to see that finding the right home is a numbers game based upon available inventory and overall demand.