The home buying process can be an overwhelming time for many, but the end result is rewarding when you can finally call a new house your home. While everyone's purchasing process is different, it generally takes about 4-5 months to buy a home, from start to finish.
Follow this timeline for important home buying milestones:
6+ months before you move:
Now is a good time to request your credit reports, pay off your debt, and save as much money as you can for a down payment.
This is also the perfect time to make a list of what you are looking for in a home.
4-5 months before you move:
Begin looking at homes for sale online around your desired neighborhood(s); visit open houses; and speak with a realtor to get acquainted with the area(s) in which you'd like to live. An average home buyer will spend around 1-2 months shopping for their future home.
2-3 months before you move:
Get pre-approved for a loan by your desired lender. This not only shows the sellers you are serious about buying a home, but your offer is also more likely to be accepted with a pre-approved letter. Pre-approved letters are usually eligible for 2-3 months.
Once you've discussed your new home desires with your agent, he or she will begin showing you homes that match what you're looking for.
1-2 months before you move:
After you've found a home that matches what you're looking for, make an offer on the home. However, be prepared, as nearly only 50% of buyers have their first offer accepted. Don't get discouraged if your offer is not accepted; work with your realtor for advice on your next steps.
During this time, it's important to remember to check your pre-approval letter to make sure it's still in effect.
Once an offer you make has been accepted, plan your professional inspection, give your landlord your notice if renting, and begin planning your move.
Weeks before the move:
Pick a homeowners insurer and inform your loan lender of your choice. This step is vital to finalizing your loan.
During this time, you should also be getting your down payment funds ready for closing day.
Today's the day! Once you sign your closing papers, or within a few days, you should receive your keys to your new home, and you can begin the moving journey. Congratulations on your new home!
Are you ready to begin your home buying journey? Contact The Home Fitter, Brenda Klein at Scott Ross Realty today, and I'll help you find your first home, your next home, or your forever home!