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How long does it take to buy a house? Major factors to consider

by Terry Gribbin 11/17/2022

If you’re interested in purchasing property, you might be wondering, “how long does it take to buy a house?” Home buying is a lengthy process even when everything goes smoothly, and can easily become longer and more complicated with every potential hiccup.

To help you better prepare for the process and save time, here are some key tips for your home purchase:

Get preapproval for a mortgage loan

Obtaining full preapproval from a mortgage lender is essential to a smooth home buying process. Not only does preapproval show you’re highly motivated and qualified to buy a house, it helps you confirm how much you can afford to spend.

To get mortgage preapproval you’ll need to provide info about your assets, bank statements, income and credit history. The mortgage lender can provide a loan estimate within a few days.

A mortgage preapproval letter essentially locks in your financing, given that your financial situation doesn’t change drastically before you actually close on a house. Unless you are buying with a cash offer instead of a mortgage, it’s a good idea to avoid taking out additional loans or other activities that could affect your credit report until the purchase is final.

A real estate agent can speed up your search

A real estate agent can make your home search much easier and quicker. Using their unique resources, they can help you find the perfect house in your price range while allowing you to spend time on other important parts of the process.

Real estate agents have access to the local multiple listing service, which often includes listings that aren’t readily viewed by the public. They may also know of upcoming listings not yet on the market.

Hiring a real estate agent to help you buy a house has many advantages, but one of the most significant is saving you time on your house hunting. Once you find a listing you’re interested in, an agent can coordinate with the seller for open houses and next steps for moving forward.

These are only a few of the critical things to keep in mind when planning to buy a new home. The process can be long and complicated, but the more you know about the major steps, the better prepared you will be to handle any potential delays in your home buying timeline.

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