The real estate market is hotter than ever, and whether you're based in sunny Palm Springs or snowy Colorado, you might be eager to jump in and see the possibilities. Many are choosing to buy their dream home, while others are prepping investment properties for listing. One thing that most investors, buyers, and sellers have in common is a desire to understand the timeline for a real estate transaction.
It might seem as though the real estate market comes with a lot of uncertainty. However, with the guidance of an expert real estate group and some advance planning, you'll know what to expect and be able to prepare accordingly. This foolproof timeline to help you buy and sell your home will equip you with the knowledge you need to succeed at any real estate transaction.
How long does it take to buy a house?
When it comes to buying, there are a lot of moving parts. In general, the home-buying process can take anywhere from four to six months. It could be significantly less if you are on a tight timeline or if you manage to find the perfect property right out of the gate. Alternatively, buying a home could take much longer if you are operating from a strict list of "must-haves" or if there aren't many properties for sale in your desired area.
Six steps to buying a home
There are approximately six steps in the home-buying process from beginning to end. There could be more or less, depending on the specifics of your unique situation.
- Find a real estate agent and let them know your goals and desires for a property. This can take a few days or even less. You can interview several realtors to find one you have a real connection with.
- Get pre-approved for a mortgage and sort out your financing. Allow a few weeks for this to happen, possibly longer if you want to enhance your credit score before getting loan options.
- Browse listings and schedule showings. You might get lucky and find the perfect property on the first day. It might also take a few weeks or more to find the home that works for you.
- Make an offer and schedule the home inspection. This usually moves quickly, typically within just a few days. Negotiations might extend the process an additional few days.
- Get your loan approved and your offer accepted. Again, this is a quick step, usually lasting no more than several days.
- Closing. The closing process typically takes place within a day and involves signing a lot of paperwork.
Once you've navigated through these steps, you can relax and enjoy life as a homeowner. If any part of this process seems overwhelming, reach out to your real estate agent for guidance and support. They can help this timeline make sense for your needs.
Selling a home: The essential timeline
For many people, selling a home is more stressful than buying one. Selling a home comes with its own unique set of challenges as well as its own timeline. Here's the essential timeline for selling the property, from the initial planning stage to closing.
Decide if it's a good time to sell and hire an agent
Before you list your home, think about whether market conditions are favorable for selling. Certain times of the year might lend themselves to a quicker sale and a greater profit. Typically, the best time of the year to sell a house is in the late spring and summer. In fall and winter, the real estate market tends to cool down as families go back to school and the holiday season kicks into gear. After you've decided to sell, get in touch with your local real estate agent. They can offer additional insight into current market conditions.
Pick a listing date and prepare your home
After discussing with your realtor, pick a listing date. This date can serve as a goal point for when you can start showing the home and accepting offers. Once you have the date set, you can do any renovations or upgrades to the home prior to listing. Consult with your realtor about what renovations your home might need and factor these into the overall timeline. Renovations could potentially add a month or more to your timeline.
Fielding offers and closing
Once you reach your list date, your realtor can take charge, showing your home and marketing it so that it gets in front of interested buyers. While you could conceivably receive the winning offer on day one, realistically, you should allow several months for your home to sell. You don't want to rush through the selling process and miss out on getting the very best offer. Your realtor can offer guidance into which offers are the best and most likely to result in a quick closing.
Closing is a quick process, usually taking place in a single afternoon. It involves a lot of paperwork, but depending on the nature of the loan involved, there might be an option for digital documentation as well. Closing is the culmination of months of preparation and hard work, but once it's over, you can congratulate yourself and your realtor on a job well done.
Final steps to selling your home
Post-closing, you can move into your new property, if you haven't already, and start on your next venture. Many sellers choose to leave a special note or gift for the new homeowner, although this is not necessary. All in all, if you've enjoyed a relatively smooth experience, selling a home should take around three to six months. This is an estimate since anything is possible when it comes to the world of luxury real estate. Try not to get too attached to any one list date prior to talking to a real estate agent.
OMNI Real Estate Group can assist with buying and selling a home
Whether selling or buying a home, working with an experienced realtor can make all the difference in establishing and sticking to your timeline. If you want assistance with your next real estate venture, OMNI Real Estate Group | Bennion Deville Homes is ready and waiting to help. As a thought leader and respected advisor in the luxury real estate market, OMNI Real Estate Group can offer the kind of deep insights and advice that can help your home buying or selling journey go smoothly. If you're ready to get started on your next venture, contact OMNI Real Estate Group | Bennion Deville Homes today!
*Header photo courtesy of OMNI Real Estate Group