How Long Does it Take to Buy a Home?
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Buying a home is exciting, but it also comes with questions, especially about the process and the timeline. Many potential homebuyers want to know — how long does it really take to buy a house? The answer isn't one-size-fits-all and it depends on a variety of factors. If you're hoping to buy a home or invest in real estate in the Lawrence, KS area, Realtor Jackie Giroux can help guide you through the process and help you make your home buying dreams a reality.
According to data provided by ICE Mortgage Technology — it takes an average of 50 days from the moment you have an accepted offer and signed contract to the final closing on your new home. Keep in mind this is just an average, and the actual timeline can vary significantly based on several factors, including market conditions, your loan status, and the efficiency of everyone involved in the process. It's important to remember that this 50-day estimate doesn't include the time it takes to find the perfect house, get pre-approved for a mortgage, and navigate the offer and negotiation process. These initial steps can add weeks or even months to your overall home buying journey.
5 Factors that Affect How Long It Takes to Buy a House
Buying a home is a major milestone for many families, and we know many people have anxiety about how long the process will take. While the average time from offer to closing is estimated at 50 days, the entire process can be much longer. Here are a few factors that can make the process take longer.
1. Your Loan Status
Pre-approval — Getting pre-approved for a mortgage can speed up the process significantly and in most cases does not take much time to accomplish. It is important to consider your lender options to find the best interest rate. Many sellers prefer pre-approved buyers, as it shows you're serious and are ready to make a purchase.
Loan Type — Your loan type can be a factor in how long the process takes. Some loan programs, like VA Home Loans, may have additional requirements or processing times, which can extend the timeline.
2. Your Down Payment
Savings — The recommended down payment for a home is 20%. How long will it take you to save? Having a down payment ready can streamline the buying process and if you need time to save, you will want to factor that into your timeline.
3. Local Real Estate Market
Inventory — How long it takes to find the right home will depend heavily on the real estate market in the Lawrence area. In a seller's market with low inventory, finding the right house may take longer and delay your purchase.
Competition — With lower inventory and many families hoping to buy, there is a great chance that the home you buy will have multiple offers. Multiple offers on a property can lead to bidding wars and extended negotiations, impacting your closing timeline.
4. Selling Your Current Home
Contingencies — If your offer is contingent on selling your current home, it can add uncertainty and time to the process and it is a factor you want to take into account.
Market Conditions — The speed at which your current home sells will affect your ability to close on a new one and the current housing market will impact that timeline.
5. Efficiency of All Parties
Your Realtor, Lender, and Other Professionals — The responsiveness and efficiency of everyone involved in the purchase of your home, including your realtor, lender, appraiser, and closing attorney, can greatly impact the timeline.
Inspections — Did you have a home inspection on your future home? Were there issues that needed to be addressed? This process can add to your timeline.
Paperwork and Documentation — Delays can occur if there are any issues with paperwork or additional documentation is required.
READ MORE: How To Sell My House Faster in Lawrence KS
The journey to buying a home is undoubtedly exciting, but we know you have questions. You may want to know — how long does it take to buy a home? The average closing process takes around 50 days, but various factors can influence the overall timeline of your home buying process. If you're ready to buy your dream home in the Lawrence, KS area, Realtor Jackie Giroux can help. With her experience and knowledge of local real estate, she can help you navigate the process and ensure a smooth home buying experience, no matter how long that may take.
