Whether you own a home, or you're renting, trying to figure out the timing to purchase a new home can be a daunting task! If you're thinking of making a move, you need to properly understand the timeline so you can be prepared ahead of time and not scramble to secure something!
Step 1: Financing First - When I'm working with a new buyer, I will not show them houses until they have their financing figured out. This is the most critical step in the home buying process. It's going to let the buyer know what they qualify for, and more importantly what they can really afford. In addition, the pre-approval process may offer some additional steps that you might be able to take to put yourself in a better position to buy after completing a couple of steps. Not only will you be better informed, in the competitive market that we are in, but most sellers and their agents also won't even consider an offer without a pre-approval letter in hand if you're planning to finance your home.
Step 2: Finding the Right Home - Once you're ready to buy, it's time to start shopping! Looking online is quick and easy. You can do it any time from anywhere. Once you're ready to take a look in person, things change dramatically. First, you have to find a time that works for the seller to let you take a look. Not only that, but the shortage of listing inventory often means you'll be trying to schedule around several other showings. Evenings and weekends are the most popular times for people to look at homes, which means they can be the toughest to schedule, as well. If you have the ability to schedule a showing at other times, that can give you a competitive advantage at times. On average, buyers typically looked at about 10 homes before making an offer, but the changes in the market have impacted this as well.
Step 3: Getting to the Closing - Once you're under contract, the timeline gets a little easier. For the Pending period, the time where you're getting the financing and inspections all completed, you can typically expect about 30-45 days after the offer to close.
Step 4: Moving In - Depending on the seller's situation, you'll also need to keep in mind the possession of the property. It's not uncommon for sellers in our area to maintain possession of the home for up to 30 days after closing.