Buying a home is a very good long-term investment that will help you to build significant personal equity over time. While homeownership is very common, the process of buying a home can be time consuming and confusing. The actual amount of time that it will take someone to buy a home can vary based on a variety of factors.
Home Searching Process
The first factor that will influence how long it takes to buy a home is the process of actually searching for your home. When shopping for a home in a buyer’s market, you may have plenty of options to choose from and can take your time to look as much as possible. In a seller’s market, you may have to react quickly in order to get a winning bid. In either situation, the amount of time it takes to find a home will be up to each individual buyer and can vary considerably.
Home Sales Process
Another factor that can influence the time that it takes to buy a home is if you need to sell your home as well. If you have already listed your home for sale and have a contract in place, this part of the process likely will have no impact on your home buying process. However, if you still need to list your home for sale and spend time marketing it, the process of buying a home can be delayed by the amount of time it takes for you to sell your existing property.
Contract to Close
Once you are under contract, and assuming that you have no sale contingency to worry about, the process of buying a home will take about 45 days. During this time period there will be many different activities taking place at the same time. This can include having the home fully inspected, hiring an appraiser to complete a full valuation, legal work, and lender approval. Depending on the deal, this process can take anywhere from 30 to 60 days.
Seller Delays
The other factor that can influence the time that it takes are delays by the seller. The seller may need additional time before they are able to move. In these situations, you may be able to buy the home and then lease it back to the seller for a short period of time.
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