How long does the home-buying process last? The quick, unhelpful response is that it might take anything from four weeks to six months or more. It’s challenging to anticipate with much accuracy because there are so many factors at play, including the state of the local real estate market, the buyer’s level of pickiness, the strength of their offer, and the caliber of their buyer’s agent. But by dissecting the procedure into its individual parts, we may arrive at a fairly accurate estimation of the typical time. So continue reading to learn more about how long it often takes to buy a home in Harrisburg.
Overview of the House-Buying Timeframe
To obtain a basic notion of how long the process typically takes, let’s start by going over the steps involved in purchasing a home in Harrisburg.
- Once you’ve made up your mind to buy, the first thing you should do is apply for a mortgage and get pre-approved. This is frequently doable in a single day.
- After you have your pre-approval letter in hand, you’ll begin serious house hunting. Before discovering their ideal home, “the typical buyer tours nine residences over the course of eight weeks.”
- Then you present a bid. “It takes an average of 49 days to close and receive your keys once you submit an offer and are under contract.”
You can move into a new home in four months or fewer using these estimates. But sometimes it happens more rapidly, and it can and does take a lot longer. These timelines “may vary, as some lenders close quicker, some buyers take longer to choose a house, and some sellers take longer to accept an offer,” according to the statement.
Steps in Buying a House and Time for Each
Let’s break down the process into several parts and examine how long each one takes on average to get a better idea of how long it often takes to buy a house in Harrisburg.
Planning to Buy in the Early Stages
In reality, the procedure for purchasing a home in Harrisburg or anywhere else starts long before you take any actual action. It usually takes a while to formulate a purchase strategy at the outset; according to experts in the field, this process should start at least six months before you start the real purchasing process.
Selecting a Lender
Selecting a mortgage lender is necessary once you’ve decided with certainty that you’re going to buy. The proper lender “can help you select which loan kind is right for you, making this a crucial step. Additionally, they’ll assist you in deciding on a down payment option and, if necessary, in developing a plan to raise your credit score.
This process is often finished in a day or two. However, it may take a lot longer for first-time buyers who are completely inexperienced with the procedure.
Obtaining a mortgage pre-approval in Harrisburg takes at least one day and is the next step in purchasing a home there. When you have your pre-approval letter in hand, sellers will view you as a serious buyer, giving you much more negotiating power.
Finding a Good Agent
You should look for and hire the services of a knowledgeable local agent before you start looking for a home in earnest. The seller can be contacted and the sale of the home can be negotiated with the aid of an agent. A knowledgeable real estate agent offers insights into the local home market and is familiar with the communities.
The process of finding the ideal agent for you normally requires at least a week and frequently even longer. You can call a Harrisburg agent at 717-489-2849 to learn more about this step.
Shopping for the New House
When purchasing a home in Harrisburg or elsewhere, this is the point at which things become serious. The usual period here is roughly eight weeks.
“Knowing what you want in advance will help you focus your house search and direct your real estate agent. Visits to properties might help you establish your expectations if you are unsure of what your ideal home would look like. Keep a list of the things that are essential, desirable, and non-negotiable. This can assist you speed up the house-hunting process and aid in your final housing decision.”
Making an Offer
Making an offer is simple and just takes a day or so, but the process doesn’t finish there because there will still be negotiations to do. The seller will frequently reject your offer or present a counteroffer, at which point you and your agent will present a counteroffer of your own. And this back-and-forth might go on for a while. Additionally, there are contingencies that must be worked out and negotiated, which takes more time.
Therefore, the offer step may take weeks. Be sure to draw on your Harrisburg agent’s knowledge in order to move the process along. Call 717-489-2849 to learn more about this, but be prepared to wait while the loan is processed, underwritten, and the title search is carried out. One to many days may pass.
“Loan processors sift through your mortgage application and ensure they have everything needed for full mortgage approval. The underwriter receives the application next for verification. Your credit report, credit score, and information about your property are all scrutinized by underwriters. The underwriter will get in touch with queries if anything arises.”
Besides the home assessment and inspection, a title search will also be conducted. To ascertain who owns the property up for sale and has the authority to sell it, title companies conduct a title search. They’ll also search for a right of way or easement that might hinder you from finishing projects like putting in a pool. The ultimate objective is to guarantee the seller’s right to sell the property and safeguard the buyer’s future ownership. And this can extend the timeline by days or even weeks.
It usually takes three days to complete this stage, which is the last in the procedure. You’ll get a closing disclosure to evaluate and approve your loan after the closing reports are finished. This details the loan’s terms and expenses in precise dollar amounts. A final walk-through and inspection of the house are a good idea to make sure everything is ready for moving in. You will eventually reach closing day. The final documentation will be signed by both parties, the relevant payments will be sent, and you will receive your keys.
Timeframe Assistance When Buying a House in Harrisburg, PA
So how long does it typically take to buy a house? Actually, there are so many factors at play that making accurate predictions is difficult. But without your expert advice and assistance, it may easily take many months. But that period can frequently be cut short if you have a knowledgeable Harrisburg, PA agent on your side. So be sure to get in touch with us right away at 717-489-2849 if purchasing a home in Harrisburg, PA is on your itinerary.