About one in every three home buyers is a person purchasing their first home.
First-time home buying is an exciting event, yet it leaves people with questions.
One question you might have is, “how long does it take to buy a house?”
If you’re wondering about the timeframe when purchasing a home, you can check out this guide as we describe the timeline of buying a house.
Preparing for It Financially
One of the top home-buying tips you’ll discover is the importance of preparing financially for this event. Homeownership requires more responsibilities and expenses than renting.
So, how long should it take to complete this step? It completely depends on where you are now with your finances.
If you’ve spent the past few years preparing, you might be ready to move on to the next step. If you haven’t prepared yet, this process might take anywhere from six months to several years.
Searching for a Home
The next step in the home buying process is searching for a house. This step only takes some buyers a few days, while others spend weeks or months searching.
You can view a few homes for sale in your search or hundreds if you prefer. You can look at exclusive properties for sale, foreclosures, or multi-family homes. It’s your choice, but you should search until you find the right one.
The goal is to find a property that fits your needs, budget, location, and desires.
Negotiating the Deal
Negotiating the deal is another key step when buying a house. This step might take only a day or two or a few weeks, depending on how much you need to negotiate.
If you make a full-price offer and don’t ask for a lot, the seller might accept the offer without arguing or countering it. On the other hand, negotiating might take longer if you ask for a lot or make a lowball offer.
Closing on the Purchase
One of the time-consuming steps in the process is closing on the purchase.
The mortgage closing appointment occurs when all the parties settle every transaction detail. This appointment usually takes place a month or two after the two parties agree on the home sale details.
When a buyer and seller reach a deal, the two parties begin working on various aspects of the sale. The lender gives instructions on things the buyer needs to do, and the seller works on completing all the contingencies.
The buyer works on planning a move, handling the loan details, and getting all the inspections and services needed for closing.
How Long Does It Take to Buy a House? The Timeframe Varies
You might wonder, “how long does it take to buy a house?” You can discuss this with your real estate agent, but as you see here, the timeframe varies. You can work through the steps quickly or take your time, depending on your needs.
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