Planning the Home Buying Journey: A Timely Exploration

The path from embarking on a home search to finally stepping foot into your dream home is unique for each homebuyer. One thing you can count on though is that planning the home buying journey is going to take some time. The home search process commonly takes from 2 to 3 months, and closing typically requires another 1 to 2 months. However, some searches stretch much longer. Certain closing procedures might pose unexpected questions or complexities, extending the duration. Market conditions, as we are seeing today, can further impact the process. Here, we delve into a few things that influence the timeline of your home buying experience.

Unraveling the Home Search
Start your search with a reasonable amount of research. Consider how big a deal this is going to be in your life, and act accordingly by doing your homework. Moreover, carrying out your home search with a clear vision of your requirements can speed up the process. It enables you to swiftly determine a home’s suitability so you can quickly move on to the next candidate. That said, in areas with limited options, you could find yourself waiting for months before discovering a suitable property. Seek counsel from your real estate agent about average buyer search windows and potential time-consuming tasks. 

Balance Swiftness and Prudence
Submit a reasonable purchase offer and refrain from extensive negotiations to improve the odds of acceptance from sellers. Work closely with your realtor in this process. They can help you find balance in your offer approach to avoid the risk of overpaying for your home. By overpaying, you could adversely impact your budget or even lose out on a purchase deal if the home’s appraisal falls short of your offer amount. 

The Journey to Closing
Preparation for the closing requires a good deal of administrative legwork, including the completion of legal documentation, mandatory inspections, and any agreed-upon repairs. For purchases funded through a lender, a quick closing within 30 days is often considered feasible. Cash transactions boast a faster timeline, but the buyer must have access to the financial resources to make payment in full at the closing. Allow ample time if you anticipate the need for numerous inspections or appraisals.

To sum it up, the timeline of your home buying endeavor depends on various factors, from housing market conditions to your approach in making offers and conducting negotiations. Striking a balance between efficiency and diligence ensures a smooth and satisfactory journey towards becoming a homeowner. Your Thompson Kane lending expert will help you understand what you need to do to set yourself up for smooth sailing. Make sure to lean on us as well as your real estate agent throughout the process to keep things on track and keep unexpected delays to a minimum. That’s what we’re here for. And best of luck!