The Bartel Group Blog
RSS Feed
Subscribe and receive email notifications of new blog posts.
RSS Feed
- 2026 | 10 Posts
- 2025 | 52 Posts
- 2024 | 47 Posts
- 2023 | 45 Posts
- 2022 | 50 Posts
- 2021 | 54 Posts
- 2020 | 49 Posts
- 2019 | 39 Posts
- 2018 | 30 Posts
Alexandria, MN | 9 Posts
Bloomington, MN | 1 Posts
Brainerd, MN | 1 Posts
Buy a Home | 39 Posts
Buy Your First Home | 2 Posts
Edina, MN | 1 Posts
Explore Minnesota | 2 Posts
Home Improvement | 25 Posts
Homeownership | 59 Posts
Minneapolis, MN | 30 Posts
Saint Paul MN | 14 Posts
Sell a House | 17 Posts
Sell Your Home | 20 Posts
Twin Cities | 154 Posts
Wayzata, MN | 1 Posts
White Bear Lake, MN | 1 Posts
February
26
26
Setting Realistic Expectations: Average Duration of a Home Purchase
There's a lot of uncertainty when purchasing a home, especially for inexperienced homebuyers. This uncertainty can make buyers feel stressed or anxious and make the whole process feel overwhelming. Fortunately, understanding the timeline associated with buying a house from among Detroit Lakes homes for sale can alleviate these feelings. Here's what you need to know.
- The Average Time to Purchase a Home is 4 to 5 Months
Once you decide to purchase a home, it takes an average of 4 to 5 months to find a suitable property, negotiate an offer with the seller, and close on the sale of the home. The process can take longer if something happens to delay one of the steps required to close on the house.
Most prospective homebuyers work with a real estate agent; it can take a week or two to find an agent you're comfortable with. You can also apply for a mortgage while searching for a real estate agent.
Finding a home that fits your needs can take two or three months. If you're selling a home, you'll list your home for sale while you look for your new home.
Once you find a home you love, you'll submit an offer on the property. It usually takes five to seven days to reach an agreement with the home seller. If you can't reach an acceptable agreement, you'll continue searching for a home.
However, if your offer is accepted by the seller, it takes 40 to 50 days to close on the property. During this time, you'll have the property inspected to learn more about its condition, and your lender will send an appraiser to determine the property's value. If there's an issue, you may have to renegotiate the terms of the deal with the seller. - There are Steps You Can Take to Expedite the Process
To help the process go as smoothly as possible, there are a couple of things you should do. Unless you're paying cash for the home, you should secure pre-approval for a mortgage. Getting pre-approved for a home loan means that you've provided information and documentation to a loan officer so that they can tell you how much money they're willing to lend you, along with info about your prospective home loan (like the interest rate, monthly payment, and closing costs).
Start the application process for your mortgage preapproval as soon as possible, as the process can take two or three weeks. Securing mortgage preapproval has several benefits that expedite the home-buying process. You'll know how much money you're eligible to borrow and can adjust your home search accordingly.
Your lender will provide you with a letter that confirms your preapproval. Submitting this letter with any home offers can help show home sellers that you're serious about purchasing a listing from among Edina homes for sale.
Working with an experienced real estate agent can also shorten the home-buying process. A well-qualified agent understands the community and local real estate market, allowing them to show you homes that fit your budget and needs.
If something goes awry during the purchase process, an experienced agent knows what steps to take to prevent the issue from postponing your closing date.
Though purchasing a home takes a few months, it's worth it to have a house suited to your needs and lifestyle. Ready to purchase your next home? Call today to get started!