Buying a new home isn’t an easy process to navigate, but our REALTORS® can guide you through it. What’s involved in that process, and how much time will you spend on it? Your mileage may vary, but here’s an average timeline of steps to buying a house and how long you can expect them to take.
- Planning – 6 Months
The home-buying process is much easier if you go in with a plan. Why do you want a new house, and why is now the right time to start searching? What kind of home are you searching for? Make a list of what you need from your new home, what you want, and what might be nice to have. Start figuring out these details in earnest about six months before you begin the home-buying process. - Finding an Agent – 1-2 Weeks
Look for someone who knows the business well enough to guide you through the process and knows the area where you’ll be searching well enough to help you find the right home and the right neighborhood. Ask family and friends if they have anyone they’d recommend and vet the choices to see who looks like they’d be a good fit for your needs. - Finding a Lender – 1-4 Weeks
Before you start house-hunting, you need to know your budget. Getting pre-approval from a lender lets you know if you qualify for a mortgage and approximately how much you’d be able to get. It’s not a guarantee, but it’s a good jumping-off point to know what price range to look in. Apply with a few different lenders to see who can get you the best rates. Most pre-approvals expire after 90 days but are renewable if you haven’t found what you’re looking for. - House Hunting – 4-5 months
It’s trickier to estimate the timeline for finding a home because it depends on a variety of factors. The average time to find the house you want to buy is between four and five months, but it could be longer or shorter depending on your specific needs, what’s available in the area, and the time of year when you’re searching. - Make an Offer – 5 Days
Once you’ve found the home you want, you need to let the seller know how much you’ll pay for it, and you may want to put down earnest money as well. This is usually at least 1 percent of the purchase price and shows you’re serious about your offer. Don’t worry; it’s refunded if you don’t get the house. - Finalize a Mortgage – 3 Weeks
Your pre-approval can expedite things, but now you need to go through the process of getting actual approval for the amount you need. It involves a lot of paperwork and a lot of back and forth between you and your lender to hammer out the details. - Closing – 40-50 Days
Once you’ve got the mortgage, there are several steps to finalize the deal. First, a title search will determine that the seller does, in fact, own the home you’re buying. Next, an inspection will reveal what condition the house is in and if it needs any significant repairs. Then, you’ll need closing costs, approximately 3-6% of your loan amount, paid to your lender. Finally, on the day of closing, you’ll do a final walkthrough to ensure any agreed-upon repairs have been done, the house is in proper condition, and it’s ready to move into.
If you’re looking for Nassau County homes for sale or Suffolk County homes for sale, we can help you with everything you need. Contact us to start the home-buying process.