Timeless Wisdom: Initiate the Home-Buying Journey TODAY, Even If It’s Just a Consideration

For enthusiasts of HGTV, the process of buying a house might seem deceptively swift. The show portrays a few house visits over a couple of days, followed by a casual outing to deliberate over choices. Before the real estate agent even joins, decisions are made, and the dream home is yours in the blink of an eye.

However, reality diverges significantly from the edited TV version. While nobody assumes purchasing a house takes just half an hour, the actual duration can be surprising to many. If you’re contemplating buying a house, initiating the process now could prove wise, as it may take more time than anticipated.

Closing Timelines: The Challenge of Estimation Estimating the time required to close on a house proves challenging. According to a Rocket Mortgage article, closing usually takes 30-45 days, yet the subsequent sentence suggests an average of 50 days. This uncertainty exemplifies the difficulty in providing a definitive answer.

Most agents might agree with this estimation. Thirty days is swift, 45 days is more realistic, and even 60 days isn’t unusual. Cash deals that bypass mortgage processes might close faster, but other factors can still influence timelines. However, this refers solely to the closing process. The entire house buying process could require several additional months.

Factors Influencing Duration Determining exact days for each phase is futile due to regional variations and individual circumstances. Nonetheless, certain factors can potentially extend the house buying timeline:

1. House Selection: Finding a house aligned with personal taste varies. Some decide within a day, while others take months of searching.
2. Missed Opportunities: Delayed offers or unsuccessful negotiations can cause missed opportunities.
3. Owner Considerations: A seller’s circumstances may demand a longer closing period.
4. Inspection and Repairs: Scheduling inspections and addressing issues may extend the process.
5. Mortgage Underwriting: Underwriters’ pace can impact the timeline even after swift document submission.
6. Appraisal and Title Work: Appraisal results and title searches might necessitate additional time.
7. Closing Coordination: Coordinating closing with multiple parties can lead to scheduling challenges.
8. Final Walk-Through Issues: Identifying issues before closing can postpone the process.

A Cushioned Timeline for a Smooth Experience Even with seamless progression, planning to start the buying process about three months before moving is prudent. The early stages involve identifying suitable homes and understanding market dynamics. The more time you allocate, the smoother your journey will likely be.

To pinpoint the right starting time, collaborate with a local real estate agent. They’ll factor in market conditions, available properties, and your circumstances to offer a tailored timeline. If buying a house is on your horizon, connecting with an agent is your first step towards a successful purchase.