If you want to buy something like a car, an RV, or even a boat, you won’t have to spend very much time doing it. You can typically purchase any of these big-ticket items in a matter of just a few hours if you would like.
But buying a house is different. No matter how quickly you can find a house that you want to buy, the home buying process can drag out for a much longer period of time.
So, how long does it take to buy a house? Well, the truth is that it all depends. Many factors will have an impact on how long it’ll take you to work your way through the home buying process.
Keep reading as we discuss some of these factors. It’ll give you a much better idea of how long you might have to spend searching for a home before buying it.
The Number of Houses for Sale in Your Area
The real estate market has been on fire in most parts of the country over the last couple of years. As a result, there haven’t been too many houses for sale in many cities, and buyers are scrambling to find their ideal home.
The number of houses for sale in your area could affect the answer to the question, “How long does it take to buy a house?” If there aren’t many houses available, it could drag the home buying process out over a longer period of time.
You should give yourself some time to monitor your local real estate market so that you’re able to find houses for sale that you like. You’re better off doing this instead of rushing into buying a home that you aren’t actually in love with.
The Interest in the Houses for Sale in Your Area
The inventory that is available in your local real estate market will play a big part in how long the home buying process takes for you. But the interest in the available homes is another thing that will affect how long you’ll have to spend trying to buy a house.
If there aren’t many people searching for houses for sale in your area at this time, you shouldn’t have to worry about getting into any bidding wars. You should be able to convince a seller to accept an offer from you sooner than they might otherwise.
The Payment Method You Plan on Using When Buying a House
Is your plan to pay for a home outright with cash? If it is, that alone could speed up the home buying process dramatically for you.
Home sellers always like to get cash offers from interested buyers. They’re quick to accept these offers since they know they’ll help them sell their houses fast.
If possible, you should try to purchase a house for cash. Some mortgage lenders will help you put together a cash offer if you cannot scrounge together enough cash to do it yourself.
Going through a lender will work just fine if you really can’t afford to buy a house with cash. But it would help if you prepared for it to slow down the home buying process at least a little.
The Lender That You Choose
If you decide that you’re going to take out a mortgage to buy a house, you’ll need to pick out which lender you want to work with. You should keep several things in mind when choosing a lender.
First and foremost, you’ll want a lender on your side that has a wealth of experience within the real estate industry. You’ll also want a lender with a wonderful reputation among home buyers in your area.
But maybe most of all, you’ll want to track down a lender that is known for pushing home loans through fast. They’ll enable you to figure out how to buy a house as quickly as possible.
If you’re buying a house with help from a real estate agent, ask them which lenders they would recommend. They can more than likely suggest at least a few lenders that will work fast on your behalf.
The Inspections You Choose to Perform
With the real estate market being as hot as it has been lately, many home buyers have chosen to buy houses without performing any inspections first. But if you can swing it, you should always attempt to perform several inspections on a home prior to buying it.
A basic home inspection is a good place to start. During a home inspection, a home inspector will check out a house from top to bottom and alert you to any potential problems with it.
You should also aim to have other types of inspections done on a home, too. For instance, a pest inspection might uncover pest problems that would otherwise go undetected.
Performing these kinds of inspections will bring the home buying process to a halt at times. But it’s always better to be safe than sorry when buying something as expensive as a house. It’ll help you steer clear of having home-buying regrets later on.
The Issues That an Inspection Uncovers
If a home inspection uncovers any issues with a house that you’re thinking about buying, you’ll want to ask a seller to get them fixed. It’ll ensure that you don’t get stuck moving into a home that has its fair share of problems.
You should also run a background check on a house to gather as much data on it as you can. Scanning through the public records for a home might uncover issues that you would miss under normal circumstances.
You can use PropertyIQ to find out everything you could ever want to know about a home. It’s an excellent tool for those who want to learn the ins and outs of a home before they buy it.
The Experience You Have When It Comes to Buying a House
Are you a first-time home buyer? That in and of itself is usually going to extend the home buying process!
If you don’t know how to buy a house, you’ll want to take your time with things and avoid rushing to make any decisions. Many first-time home buyers drag their feet at times—and for a good reason!
If, on the other hand, you’re buying the tenth house that you’ve ever purchased, you will know how the home buying process works and understand how to keep things moving along. Your experience will allow you to purchase a home quickly without any worries.
The Closing Date That a Seller Selects When Selling a House
Many home sellers are in an actual position of power these days. They know that home buyers are desperate to buy homes that they like due to a lack of inventory, so they hold all the cards during the home buying process.
For this reason, many home sellers are taking advantage of the fact that they can decide when they want to close on their houses. They’re demanding that home buyers play by their rules when it’s time to choose a closing date.
You might not have to worry about ending up with a home seller like this. But just in case you do, you should be prepared to wait a little while before you’re able to officially buy a home.
You might also find that a home seller will want to close a deal with you ASAP in some cases. If this is how things play out for you, you should count your blessings and thank the person selling you a home for expediting the process. They’ll be the reason why you aren’t losing any sleep at night while wondering, “How long does it take to buy a house?”
How Long Does It Take to Buy a House? It Depends
Unfortunately, there isn’t a tried-and-true answer to “How long does it take to buy a house?”
In some cases, you might be able to buy a home in a matter of just weeks. In others, you might find yourself waiting for months on end for a deal to go through.
Make sure you’re ready for whatever the home buying process might throw at you when you’re going through it. And do whatever it takes to keep it moving in the right direction while you’re in the middle of it.
Get more practical home buying tips and tricks by reading through more of our blog articles.