How long does the process of buying a house take? The short and not-very-helpful answer is anywhere from six weeks to six months or more. There are so many variables involved –
- local market conditions
- demand and level of inventory
- interest rates
- if one is shopping for the perfect house
- your offer and how strong it is
- how good the your agent is
And all of that that is difficult to predict with much accuracy. But we can arrive at a pretty decent estimate of the average time by breaking down the process into its constituent steps. Read on, then, to find out about the average timeframe for buying a house in Floresville.
Overview of the House-Buying Timeframe
Let’s begin with an overview of the process of buying a house in Floresville to get a general idea of the average timeframe.
- Once you’ve made the definite decision to buy, your first step should be to get pre-approved for a mortgage. This can often be done in one day. The decision is one day but the fine tuning of that decision depends on how fast the buyer gets the required paperwork to the lender. The final approval is only known after the lender looks at the application and the paperwork sent in by the buyer. There are factors such as length of time on job that affect a loan and while a buyer might round some figures like time on job on an application to 2 years when it is actually 1 year and 10 months when the required amount on time is 2+ years. Ask me how I know that. When experienced agents have been in the business for a number of years, they have those fiascos under their belts. So it is important to get pre approved.
- After you have your pre-approval letter, you’ll begin serious house hunting. The typical buyer tours nine homes over eight weeks before finding their ideal house. It is not uncommon for some buyers to take a few months. In a hot market where houses are in multiple offer situations it does take longer. In 2023 the market has slowed down due to the increase in interest rates but inventory levels are still low compared to the number of buyers who are still shopping.
- After you find the one, you make an offer. “After you submit an offer and are under contract, it takes an average of 49 days to close and get your keys.” Depending on the process of the offer, the appraisal timeframe and the title company and the lender processes it can be as quick as 30 days to close but not uncommon to be 60 days; although 45 is common.
With these estimates, you can move into a new home in four months or less. But it can and often does take much longer, and occasionally it happens more quickly. These timeframes can vary, as some lenders close quicker, some buyers take longer to choose a home, and some sellers take longer to accept an offer.
Steps in Buying a House and Time for Each
To get a better understanding of the average timeframe for buying a house in Floresville, let’s break the process down into various steps and the average timeline for each.
Planning to Buy in the Early Stages
Really, the process of buying a house in Floresville or anywhere else begins long before you actually take any concrete action. There is that period at the very beginning where you weigh the decision about moving and begin formulating a buying plan, which, industry pros say, should begin at least six months before you set out on the actual buying process.
Selecting a Lender
Once you’ve made the decision that you want to buy, a mortgage lender needs to be selected. This is an important step because the right lender can help you decide which loan type is right for you. They’ll also help you consider down payment options and strategize to improve your credit score if necessary. That lender will guide you through the process of the loan and the steps needed to bring the purchase of your new home to completion.
This step is usually completed in one to a few days. But for first-time buyers who are utterly unfamiliar with the process, it can take much longer. There is paperwork that the lender will request. Getting that paperwork to the lender promptly is important to keep the loan on track.
Getting Pre-approved
The next step toward buying a house in Floresville is getting pre-approved for a mortgage, which takes a minimum of one day. With your pre-approval in hand, it will be sent with your offer. That will show you as a serious buyer by sellers, and, as a result, you’ll have much more negotiating leverage.
Finding a Good Agent
Before you begin house hunting, you should choose an experienced local agent. DO NOT CALL signs in front of a home. An agent will help you find homes, communicate with the sellers’ agent, and negotiate the home purchase. An experienced local real estate agent knows many of the pertinent items that you want to know about the neighborhoods and provides insights into the local housing market and the different areas which may appeal to you. Many agents on the websites that you search are paying for those positions so if they do not regularly work in an area you are shopping, move on with your search for another agent. They may be a good agent and have good reviews but do they know anything about the area that you want? Are they an expert on that area? You don’t want a big city agent who is used to the city services and amenities to be helping you look for a rural property with different characteristics. Can they guide you with things such as septic systems? Do they know the different types? Do they understand how the rural communities get their water? Does the property have a well? Deed restrictions? Can you add outbuildings? Does the area allow animals? What types?
Finding the right agent for you is a process that can take a few days, sometimes more. To find out more about this step, you can contact a Floresville agent at (210) 216-7722.
Shopping for the New House
Again: do NOT call the sign in front of a home. Note the address and search on Realtor.com or another website. Because if you are searching on the big name real estate sites, the agents on the call list are paying for those positions to be on the call list. They are not vetted for your area. Even better find your agent first so you can discuss any homes you find with your agent. If you call the sign phone number, that agent represents the SELLER and not you. You are not their client at this point and the real estate rules say that they owe their fiduciary duty to them not you. What does that mean? It means that anything you tell that agent is NOT confidential and can be repeated to the seller for their negotiating power. The agent you choose can send you homes to consider and will also be happy to discuss any that you find online or driving around. Many times the local agents will have already viewed the home. This is the stage in buying a house in Floresville or anywhere else where things get serious. The average timeframe here is about eight weeks.
It’s helpful to know what you want ahead of time, refine your home search, and guide your real estate agent. If you’re not sure what your dream home looks like, touring properties can help you set those expectations. Keep a list of your must-haves, nice-to-haves, and deal-breakers. This can save you time touring and helps you make your final housing decision. The deal breakers are sometimes the most important for your agent to know as they can possibly eliminate properties quickly. Plan to keep notes as you tour homes.
Making an Offer
Making an offer is quick and normally takes only a day or so, but that’s not the end of it because it will also involve the negotiating process. Often, the seller will reject your offer or make a counteroffer, and then you and your agent will make your own counter offer. And this back and forth can continue a bit. To expedite things here, be sure to lean on your Floresville agent’s expertise. To discover more about this, just call (210) 216-7722.
Processing and Underwriting the Loan and Searching the Title
This next step in buying a house in Floresville is one of waiting while the loan is processed and underwritten and the title search is conducted. It can take one to several days but the typical time frame is about 30 days.
Loan processors and underwriters comb through your mortgage application and ensure they have everything needed for full mortgage approval. Next, the application goes to the underwriter for verification. Underwriters look for inconsistencies in your credit report, credit score, and property details. If anything comes up, the underwriter will reach out with questions. Just be honest with your lender. Their job is to get you and a loan and they are experienced at that job. They will work hard to get you approved so an item you might consider to be bad they have seen before. If anyone knows how to overcome credit issues that can be overcome, it is your lender.
In addition to the home appraisal and inspection, there will also be a title search. Title companies perform a title search to determine who owns the property for sale and has the right to sell it. They’ll also look for an easement or right of way that may prevent you from completing projects, like installing a pool. The end goal is to ensure the seller has the right to sell the home, and protect the buyer’s future ownership. The title companies in Texas have a 20 day timeline to finish the title search.
Closing
This is the final step in the process and typically takes about three days. When the closing reports are complete, you’ll receive a closing disclosure to review and finalize your loan. This has a 3 day disclosure time frame to be done prior to closing. This specifies the loan’s terms and costs with exact figures.
The day of closing you and your agent will do a final walk-through and inspect the home to ensure everything is in good shape for move-in. Finally, you’ll go to closing. You and the seller will sign the final paperwork, transfer necessary funds, and you’ll get your keys after the loan funds. That is when the work begins to get moved in and settled.
Timeframe Assistance When Buying a House in Floresville
So what is the average timeframe for buying a house? There are so many pieces to complete for that purchase. But with professional guidance and assistance with a local experienced Floresville agent, that home in Floresville will be yours sooner. Contact us today at (210) 216-7722.
