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How Long Does It Take to Buy a House?

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The home buying process is exciting but can be lengthy, especially if you have a purchase fall through and have to start over. How long should you expect it to take to buy a home from start to finish?

The overall home buying process can take around four months and can be broken down into three distinct phases: the search (two months), the offer (one month), and the financing (one month). Any one of these steps can take longer, so give yourself plenty of time when considering buying a home.

The Search

The National Association of Realtors found that most buyers in 2019 took between four and ten weeks to search for and find their new home. Buyers who used the internet to search typically took longer, closer to ten weeks, and those who relied on in-person searching only averaged four weeks. Give yourself three months to allow enough time to really do a thorough search and not rush into a home that it not the right fit for you because you are limited by time. Working with a real estate agent can help you make your home search efficient.

The Offer

Once you find the perfect home, it’s time to make an offer and (hopefully) agree on a sales contract with the seller. If they accept your offer without any changes, it can be done in as little as a day. More likely, you will go back and forth a few times and wait for an inspection before your offer is completely accepted. Your real estate agent will come in handy again as they negotiate on your behalf with the seller.

The Financing

Most lenders recommend allowing 30-45 days to get all financing documents together after having an approved sales contract. This is referred to as the time to close, or get to the final sale. The lender will get the property appraised and send your loan application through underwriting where they scrutinize your finances and ability to repay the loan.

Getting a pre-approval or pre-qualification before beginning your home search can save you time, typically one to two weeks. It can also cut down on negotiation time with the seller as they can see that you are ready to move forward with the purchase and may be more likely to agree to your terms, knowing that you are a reliable buyer.

Once you get the clear to close notification from underwriting, your lender will send over the Closing Disclosure documents. They are required to give you three full days to review these documents before closing and completing the sale.

Once you get to closing and sign all documents, the lender will hand over the keys. Congratulations! After months of hard word, you have bought a house!

Carrie Hansen

Carrie loves people and numbers! Carrie has worked in financial services since she graduated from Iowa State with a degree in Finance. She enjoys connecting with new people and developing relationships to foster business and promoting other people. She is an active runner, golfer, enjoys reading, traveling, family, friends, meme sharing, comedy, anything Warren Buffett related and following the markets and investing. Carrie is happiest surrounded by family and dear friends including her boyfriend Mike and his two children most likely laughing or telling stories .

Carrie is also an adult living with Cystic Fibrosis – diagnosed when she was three months old. Cystic fibrosis is a progressive, genetic disease that causes persistent lung infections and limits the ability to breathe over time.

In people with CF, mutations in the cystic fibrosis transmembrane conductance regulator (CFTR) gene cause the CFTR protein to become dysfunctional. When the protein is not working correctly, it’s unable to help move chloride — a component of salt — to the cell surface. Without the chloride to attract water to the cell surface, the mucus in various organs becomes thick and sticky. In the lungs, the mucus clogs the airways and traps germs, like bacteria, leading to infections, inflammation, respiratory failure, and other complications. For every loan I close with Clear Mortgage, I will be donating $200 to the Cystic Fibrosis Foundation, Iowa Chapter. Reach out and apply now!

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