How Long Does it Take to Buy a House in 2021?

We live in an age of instant results and access to the things we want. Same-day delivery, instant-approval, and always being connected have us accustomed to quick responses in every aspect of our lives. While the real estate industry isn’t quite that fast, buying a new home will require patience. Finding your dream home is exciting, which amplifies anticipation. pexels-binyamin-mellish-106399

Buying a home can take longer in certain circumstances and can happen very quickly in others, but the average time is around 50 to 60 days. A typical timeline has some crucial details that buyers should know. 

Before you start anything, you need to do your homework. For at least two weeks before finding your realtor, you should document your non-negotiables, the communities you like, and set out a solid plan. You will want to discuss these goals with your realtor, so they can find you homes that you’ll love. 

Once you have an idea of what you’re looking for, you will want to find an agent. You should look for someone familiar with the communities you like, meet with them and see if you will work well together. Ask a realtor your important questions and see how they answer, and you can decide if they’re the right fit. You want someone who will be part of your team, knowledgeable and has your best interest at heart. This can easily take a week or more to find someone you trust. 

aerial-view-architecture-autumn-cars-280221After you find your realtor, head to your lender and get a pre-approval, which gets the process started, indicates to them that you’re serious, and gives you a better idea of what you can afford, and this can take about a week. 

Depending on the real estate market in your area, you may have an easy time finding a home if there’s plenty for sale and you like what you see. If the market is a bit slower, you may have a more challenging time finding a home you want to make an offer. House-hunting can take a few days, or it can take several months. Once you find a home you love, you can put in an offer, negotiate, and come to an agreement, which can take an additional week or so. 

Head back to your lender, get the final approval on your mortgage, and arrange your home inspection. Typically, this can take a couple of days up to three weeks for final approval. An inspection usually books a week out, taking a few hours of your time to conduct. Once your mortgage is submitted for approval, you’ll need a home appraisal before it’s officially approved, which can take up to two weeks in total to book, conduct, and submit to your lender.pexels-binyamin-mellish-1396122

The finer details like title insurance, homeowners insurance, arranging closing funds, the final walk-through, and closing can take a few weeks to 50 days in total. 

There is a lot of work that goes into purchasing your new home, and while it may not be done in an instant, it’s certainly worth the wait.