Buying a house is a long process. That might seem like an odd statement. After all, when you want to buy a house, you start looking for the right home, meet with a real estate agent, and eventually buy the home. That is just the beginning. You might need to negotiate the price, do repairs, and try to negotiate a better price. If you are buying a new home, you have to wait for the home to be built and then move in. In the meantime, you need to put a deposit down on the home and coordinate with the builder and the real estate agent. 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 Effingham County and Savannah.
Overview of the House-Buying Timeframe
Let’s begin with an overview of the process of buying a house in Effingham County and Savannah 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.
- After you have your pre-approval letter in hand, you’ll begin serious house hunting. “[T]he typical buyer tours nine homes over eight weeks before finding their ideal house.”
- Then 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.”
“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 arrive at a better understanding of the average timeframe for buying a house in Effingham County and Savannah, let’s break the process down into various steps and see how long each one takes on average.
Planning to Buy in the Early Stages
Really, the process of buying a house in Effingham County and Savannah or anywhere else begins long before you actually take any concrete action. There is that typically long period at the very beginning where you toss the idea around 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 firm decision that you’re going to buy, you’ll need to select your mortgage lender. 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.”
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.
Getting Pre-approved
The next step toward buying a house in Effingham County and Savannah is getting pre-approved for a mortgage, which takes a minimum of one day. With your pre-approval letter in hand, you will be perceived 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 in earnest, you should find and engage the services of an experienced local agent. An agent can “help you find homes, communicate with the seller, and negotiate the home sale. An experienced real estate agent knows the neighborhoods and provides insights into the local housing market.”
Finding the right agent for you is a process that typically takes at least a week but usually more. To find out more about this step, you can contact a Effingham County and Savannah agent at (912) 695-6932.
Shopping for the New House
This is the stage in buying a house in Effingham County and Savannah 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.”
Making an Offer
Making an offer is quick and 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 counteroffer. And this back and forth may continue for some time. And then there are the contingencies to hammer out and negotiate, which adds even more time.
So the offer stage can drag on for weeks. To expedite things here, be sure to lean on your Effingham County and Savannah agent’s expertise. To discover more about this, just call (912) 695-6932 is one of waiting on your part while the loan is processed and underwritten and the title search is conducted. It can take one to several days.
“Loan processors 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.”
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.” And this can add days to weeks to the timeframe.
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 specifies the loan’s terms and costs with exact figures. It’s a good idea to perform a final walk-through and inspect the home to ensure everything is in good shape for move-in. Finally, you’ll come to closing day. You and the seller will sign the final paperwork, transfer necessary funds, and you’ll get your keys.”
Timeframe Assistance When Buying a House in Effingham County and Savannah
So there you have it! We hope you found our post on the average timeframe for buying a house helpful. There are so many variables involved, so it’s hard to predict with much accuracy. But without your professional guidance and assistance, it can easily run into many months. But with an experienced Effingham County and Savannah agent in your corner, that time can often be shortened. So when buying a house in Effingham County and Savannah is on your agenda, be sure to contact me today at (912) 695-6932.
