Things to Consider before Buying: Your Timeline
The timeline for buying is one of the most important things to consider in the early real estate app browsing stage of homebuying. If you are renting and have a lease, you will need to begin searching significantly before your lease term is up. So often I have people reach out to me about buying a home and they need to move within 60 days and haven't even secured financing yet. While this timeline is possible, it is not realistic. Some rental companies and landlords will allow you to go month to month after your lease expires, but they may charge you a higher rent during that period of time. The process from beginning to look at homes in person to closing on and getting keys to a home is between two-six months for most. Real Estate is MOST active in Central Ohio in April-May-June. This means this is when it is the most competitive. The leasat competitive months are typically December and January.
How Long Does it Take to Find a Home
This is the big unkown. What you are looking for specifically and the amount of homes on the market and compeition all play into this answer. I have had clients look actively for two weeks and go in contract and I have had clients search for six months before going in contract. Most of my clients have been able to find something and put it in contract within 90 days. The more rural your search is the longer the process may take simply because of the reduced volume of housing present in rural areas for example.
Once In Contract How Long Does it Take to Get Keys?
We will go into this process in a little more detail later, but for now for the sake of discussing your moving timeline, let's talk about the amount of time it takes to close on a home and get the keys in your hand once you have had an offer accepted. Once you have gone in contract to purchase a home to the time you get the keys in your hand and can move in is typically 30-60 days. There are some factors that affect this timeline which I will discuss.
Financing Timeline
The type of financing you are using and the bank you choose can affect your timeline. Conventional Loans with mortgage brokers financing the deal can typical close within 30 days of offer acceptance. I have seen some close as quickly as 21 days. FHA and VA Loans can typically still be done within 30 days as well with mortgage brokers. Other lenders such as big banks and smaller local banks may request 45 days to close on anything other than a Conventional Loan type. USDA Loans typically take 45-60 days regardless of the party doing the financing.
How Long Does it Take to Find a Home
This is the big unkown. What you are looking for specifically and the amount of homes on the market and compeition all play into this answer. I have had clients look actively for two weeks and go in contract and I have had clients search for six months before going in contract. Most of my clients have been able to find something and put it in contract within 90 days. The more rural your search is the longer the process may take simply because of the reduced volume of housing present in rural areas for example.
Once In Contract How Long Does it Take to Get Keys?
We will go into this process in a little more detail later, but for now for the sake of discussing your moving timeline, let's talk about the amount of time it takes to close on a home and get the keys in your hand once you have had an offer accepted. Once you have gone in contract to purchase a home to the time you get the keys in your hand and can move in is typically 30-60 days. There are some factors that affect this timeline which I will discuss.
Financing Timeline
The type of financing you are using and the bank you choose can affect your timeline. Conventional Loans with mortgage brokers financing the deal can typical close within 30 days of offer acceptance. I have seen some close as quickly as 21 days. FHA and VA Loans can typically still be done within 30 days as well with mortgage brokers. Other lenders such as big banks and smaller local banks may request 45 days to close on anything other than a Conventional Loan type. USDA Loans typically take 45-60 days regardless of the party doing the financing.
Possession (Getting the Keys and Moving in)
In a perfect world the seller vacants the home and has it ready for possession on the closing date. When the market is a seller's market, which is has been for some time (even with rate changes) the seller can often request to maintain possession for as lon gas 30 days after you have closed on the home. This happens for a variety of reasons but most typically so they can close on and move into their new home. In a competitive market it is important to be willing to be flexible with your possession date. Usually the most the sellers want is 14 days.
In a perfect world the seller vacants the home and has it ready for possession on the closing date. When the market is a seller's market, which is has been for some time (even with rate changes) the seller can often request to maintain possession for as lon gas 30 days after you have closed on the home. This happens for a variety of reasons but most typically so they can close on and move into their new home. In a competitive market it is important to be willing to be flexible with your possession date. Usually the most the sellers want is 14 days.
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