How Long Will It Take To Buy?

Buying a home can be straightforward.  Find a house, make an offer, get the offer accepted, do an inspection, sign a contract, get a clearance to close, then close.

On second thought, maybe it’s not that simple.

A good rule of thumb is that it should take about 120-150 days to close once you begin actively looking.

Each of these links in the chain can slow down the process if you’re not careful.

Importantly, if you have a target move-in date, tell your broker so you can work backward and stay on schedule.  Here are some tips for keeping the process moving at different pressure points.

1. Unless you’re paying cash- Get your pre-approval- You need to know what you can afford.  Ask your broker for a loan officer or mortgage broker who can help you figure out your budget.  Don’t be scared of the impact on your credit report.  It is only a few points.  You need to know what you can afford.  You spend a lifetime building your credit for exactly this moment.
2. If you’re a first-time buyer or have a precarious credit history, for example, getting this process started is particularly important.
3. If your search is taking too long, Cast a wide net, then tighten it- When you start your search, write down your “must haves” and “like to haves.” Create a “bullseye home” (e.g.. colonial in Plainview, quarter acre or more) then search AROUND that.  See a few homes that just miss the target, then focus your search (maybe you can live in Bethpage or Plainview or Syosset or Dix Hills, but it CAN NOT be a hi-ranch).  See some houses you aren’t sure you’ll like, then let your broker guide you based on your feedback.
4. If timing is important, Bid fairly and aggressively- We all want a deal.  It’s natural to leave room to negotiate.  That said, offering $600K on a $700K property usually signals a lack of seriousness, rather than a “tough negotiator.”  If a property has been listed a while, there may be some room to negotiate, but be realistic.
5. The last $30k will ALWAYS sting. The sting goes away the day you move in, I promise.
6. If you have quirky needs or timing, Communicate with your broker and your lawyer- If you want the above-ground pool removed, include that in your offer.  If you need to sell before you buy, include that in your offer.

As always- Information and Communication….