How Long Does It Take to Find a Home?
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How Long Does It Take to Find a Home?
Average time to find a suitable home for purchase
Finding a home is both exciting and frustrating. It's a different experience for every buyer but it usually takes the most out of your time and emotional bandwidth.
In this post, you'll learn the exact timeline it usually takes for every step of the home buying process based on experiences with buyers in over a decade of being in the real estate business.
How Long It Takes to Find a Home
The time it takes to find a home can range from one week to two months. Sometimes, a buyer would have their luck with finding their home on the first round, while others can take some time, especially if they have particular criteria for the home they want or the listings are low.
How Long It Takes to Negotiate With Sellers
From finding a home to writing an offer and getting a response from the sellers, it can take 24 to 72 hours. It's usually closer to 24 hours except for:
Suppose it's a new listing - If, for example, a listing comes to the market on a Thursday in a hotly competitive market. You might hear back on Monday if you write an offer on Friday.
How Long It Takes to Do Due Diligence
Everything that follows when you get your offer accepted happens 30 days after both the buyer and seller approve all the conditions and negotiations, and the seller assumes your request.
What is Due Diligence?
Due diligence in real estate refers to the comprehensive research, analysis, and investigation conducted by buyers, investors, or lenders to evaluate the property's condition, financial viability, legal status, and potential risks before completing a real estate transaction.
The most significant step you need to do as a buyer is to have home inspections done on the house. If you're in a competitive market, inspecting for informational purposes only is best.
What Happens In The Market When There Are More Buyers Than Sellers
The market becomes competitive for the buyers, while it's great for the sellers. However, it's a cyclical trend. Six months ago, there could be more sellers than buyers, and at present, it's the opposite.
Home Inspections in a Competitive Market
You could get a home inspection for informational purposes only. That means you won't negotiate based on the inspector's findings.
When is a Home Inspection Done
The home inspection is done within three days after you go under contract.
If you don't like something about the home from the inspection, you can't negotiate with the sellers to fix anything. You can only opt out of the transaction altogether.
In a competitive market, you make your offer more attractive to the sellers because it will make the process easier for them, which they prefer. Otherwise, someone else might offer no contingencies on home inspections, and you stand to lose out on the home.
If you're buying a home in Northern Virginia, Washington DC, or Maryland, call me at (703) 346-2776 or Dan@greetingsvirginia.com. I've been helping buyers since 2007 and love to help you!