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If you’ve ever indulged in an HGTV show, you might believe that buying a house is a breeze, taking only a short while to find your dream home. However, the reality of the real estate process is far from the edited TV version. If you’re even contemplating buying a house, it’s essential to start the process right away, as it might take longer than you anticipate.
The Lengthy Journey to Closing:
According to a Rocket Mortgage article, the typical time to close on a house ranges from 30 to 45 days. However, the average time is closer to 50 days, showcasing the difficulty in pinpointing an exact timeframe. While 30 days may be possible for a swift closing, a safer bet is around 45 days. In some cases, the process may even extend to 60 days, which isn’t uncommon for many real estate agents to witness.
Factors Affecting the Timeline:
Numerous variables can impact how long it takes to buy a house, making it challenging to estimate specific timeframes. Here are some key factors to consider:
Finding the Right House: The duration of your search depends on personal preferences and market conditions. Some might find their ideal home quickly, while others may need months to explore various options.
Missing Out on Houses: Delayed decision-making or competition could lead to losing out on potential homes before securing one.
Seller’s Timeline: The seller’s circumstances, such as needing more time to move out, can affect the closing date.
Home Inspection Issues: Discovering problems during the inspection may require negotiation and additional time for repairs.
Mortgage Underwriting: Delays in the underwriting process might result in requests for more documentation.
Appraisal: If the appraisal comes back lower than expected, it can lead to negotiations or adjustments.
Title Work: Issues found during the title search could add time to resolve legal matters.
Closing Scheduling: Coordinating a convenient closing date with all parties involved may take time.
Final Walk-Through: Identifying issues during the final walk-through might delay the closing until they are addressed.
Start Early and Consult Your Real Estate Agent:
Given the uncertainties of the process, it’s advisable to begin your home buying journey at least three months before your intended move-in date. However, starting even earlier will be beneficial.
To gauge the optimal starting time for your unique situation, connect with a reputable real estate agent in your area. Their expertise will provide insights into current market conditions, available houses, and the potential duration of your house-hunting journey.
In conclusion, purchasing a house is a significant undertaking that demands time, patience, and careful consideration. Don’t underestimate the process; take proactive steps now to embark on your house hunt and make your dream home a reality in picturesque Pasadena, California.
