How Long Does It Really Take to Buy or Sell a House
Buying and selling real estate is what most people do at the turn of their lives. While many think it is a simple process, in fact what we see is that timelines fluctuate greatly based on the market, location, and also what is right for the individual. At NCCG we take our clients through each step of the process which includes setting realistic expectations.
For home buyers the process is a variable length which may run from a few weeks to a number of months. Our typically first step is the financial prep stage, included in this is a mortgage pre approval. In many cases it is possible to have this done in 30 or so days if your documentation is right at hand but what we often find is that due to requests for more info from the lender, there are large scale delays.
Once you have financing in place the home search begins. This is the stage which varies the most in terms of time. Some buyers secure a property within a few days, while others may search for over a month before putting in an offer. Upon an offer which is accepted the process usually takes 30 to 60 days to complete. During this time in which the home is being evaluated through inspection, appraisal, and title check.
At Coast Consulting we tell our buyers that patience is a must. While it is true that a quick purchase is an option, we see which out of the best options comes from taking the time to very carefully evaluate your choices.
The Selling Timeline
For sellers the timeline also varies by preparation and market conditions. Home preparation which includes repair, staging and photography may take a few weeks. Once home is put on the market the average time it spends there can vary greatly. In a competitive market homes may receive offers within a week. In slow markets it may take several months.
Upon acceptance of an offer, sellers go through what buyers go through which is a 30 to 60 day closing process. Within that time frame we see home inspections, negotiations, and mortgage approvals which in turn determine the final close date. Also it is noted that sellers which do a great job in preparing their homes and which price them properly will see a speed up in the process.
Factors That Influence Timelines
Some key issues which play into it are:
Market conditions: In a seller's market timelines are shortened, in a buyer’s market they are extended.
Financing: Pre determined buyers usually do in the time faster.
Home condition: Well taken care of properties sell more quickly.
Location: In high demand areas homes go under faster
At Northcoast Investments we sit down with clients to go over these issues which in turn sets realistic expectations. Each situation is unique but by being aware of the common elements we are able to reduce stress and prepare for the trip.
The NCCG team in association with Coast Consulting and Northcoast Investments is dedicated to taking clients through these timelines with clarity. We put focus on preparation`n, market research and personal support which in turn makes the process less daunting.
So what is the true length of time it takes to buy or sell a home? The answer is it varies on preparation, the market, and also what you as an individual want. While some sales and purchases go through very quickly, others do not. At Nccg we put together our clients’ teams of experts which take care of each aspect of the process thus giving our clients peace of mind.