Home Buying Timeline
When buying a home, set aside time for shopping and the closing process. The closing process takes about 30-45 days to close after you’re under contract. Timelines can vary, especially in today’s crazy tight real estate market. Homes in Raleigh are selling sometimes in less than a week. Sometimes timing of the home buying process depends on what time of year you’re buying, the type of home you’re searching for, your finances, and of course the ever-so-tightening inventory in Raleigh’s real estate market.
Although the supply is tight in Raleigh, it’s a good idea to take your time and go through the due diligence process carefully. No one wants to buy a money pit due to a rushed purchase.
In this article, we briefly cover the time-intensive steps of buying a home.
Searching for Your Dream Home
Since Raleigh is experiencing record low inventory of houses for sale, there may be a limited supply of homes that meet your criteria. A lot of buyers (24%), according to Zillow’s Consumer Housing Trends Report, have difficulty finding a home in their preferred location.
Getting Your Offer Accepted by Seller
Competitive real estate markets make this step a much more drawn out and longer process. Your offer may compete with many other buyers vying for the same house. The supply element is key here. Some buyers have to put in offers on several homes before having one accepted by a seller. If you plan to use financing, it may take longer because you’re competing against cash buyers.
Counter-offers and negotiations when it comes to appraisals and repairs can take weeks. But never waive a home inspection or refrain from doing a walk-through of the home before buying. These are drastic mistakes that buyers make which end up costing them after the sale is finalized.
Financing and Pre-Approval of Loan
Not everyone can afford to put a cash offer on a home. Financing takes time. You’ll first need to get pre-approval and then have the appraisal completed. You’ll also need to have the loan underwritten. Many home buyers find it difficult to locate documentation for pre-approval and financing which slows the underwriting process. Be prepared before you start your home search and then the process will be less stressful and less time-consuming.
At Oak City Properties, we have been helping those in the Raleigh area purchase and sell homes for years! Whether you are a family trying to sell your home or a landlord wanting to downsize your rental portfolio, our full-service property management company is here to help.
If you are interested in learning more about our services or speak to our listing agents, give us a call at 919-232-9222 or send us a message.
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