Fall is usually a busy time for buying and selling homes and this year has proven to be no different. The recent storms have not deterred any buyers away and sellers are selling to move about within their community. Since many of you may be planning a move soon, Fall is a perfect time of year to sit back, plan and get ready to move before the hustle & bustle of the Holiday season kicks in. To assist you with your move, we’ve prepared a timeline of events to help you plan around the busy season, so you can spend more time on your holiday traditions and attending holiday parties with friends & family while leaving the stresses behind of figuring out how to fit in a move. This guideline will work for you during any busy season of your life, not just the holidays.
Preparing Your Home to Sell:
There are several factors to determine how long it may take to get your home ready to sell. The condition of your home is first and foremost – what kind of condition is it in? And, how quickly can you get it into pristine condition, so you impress all the prospective buyers walking through your door? Many homes have similar tasks to make the home ready to sell. Including wall paint touch-ups, a thorough deep clean, carpet steam cleaning and tile grout cleaning, de-cluttering and removing personal items from the walls and shelves. These items can easily be done in 2-3 weeks. If your home has more work to be done, this will be evaluated by an experienced real estate professional who has the resources to outsource the handyman work.
Overall Time to Prepare Your Home to Sell: 14-21 days, unless otherwise noted by your Realtor.
When getting ready to purchase a home, there are many things to consider. The first and very important decision to make is location, where will your next home be? This is one, in which a lot of time is spent thinking about and making a decision on and will be unique to each family. Once you decide where to relocate, it’s time to go house shopping in the area you desire to purchase a home! The time spent on house hunting will measure up to how many homes you’re looking at that fit your criteria (price, size, type of layout, number of bedrooms, type of community, etc.). Your experienced real estate agent will be of value when it comes to assisting you with this, because they know the homes in the market, the communities well and the locations like the back of their hand. Once you select the homes you’d like to view in person, plan several days to look at them. Depending on how many homes that interest you, each day we recommend viewing no more than 6-8 homes. Anything more than this, will start to blur together and you won’t remember the details of the homes you just saw. View all the homes you like first, then make a TOP 3 list of your favorite homes. Take another day to revisit those homes to focus in on all the things about the home – condition (TIP: look under throw rugs, behind furniture), room measurements, check the ages of the appliances, A/C and hot water heaters, septic systems, if applicable, review the seller property disclosure while at the home, if available, and look for any damage or water stains from roof. While most of this information will be found during a home inspection, it’s always a good idea to know the overall, general condition of the home prior to making an offer and coming to an agreement on the terms of a contract.
Overall Time to Plan for House Hunting: 3-10 days depending on how many homes fit your needs.
Once you decide which home you’d like to purchase, it’s time to make an offer. Your experienced real estate agent will assist you with the offer details and write up the offer contract for you. Allow some time with your agent to review the contract (1-2 hours) and get all of your questions answered about the contract. Once submitted, depending on the local market, you’ll give the seller X amount of days (1-3) to answer your offer. Once they answer your offer initially, the time for both parties to respond typically moves forward faster. However, depending on how far apart both parties are on the terms to one another, the longer the negotiation process could take.
Overall Time to Negotiate the Offer: 1-7 days depending on how quickly the buyer and seller agree to all the terms.
There are many key steps which happen in the transaction process of purchasing a home. We’ll outline the major ones here. The first one is the inspection period, which is typically 10-15 days. Secondly, if there is a mortgage loan for the home purchase, the process for the loan may take up to about 45 days. Both the inspection and the loan period begin from the day in which the contract was signed by both the buyer and the seller. There are several more key time period deadlines within the contract we haven’t mentioned here, but these fall in prior to the end of the loan period and closing date. Lastly, the closing date. This is something that the buyer and seller will agree upon while negotiating the contract. Typically, it can be said the closing date will be at the end of the loan period or shortly afterwards. However, if the seller or buyer have circumstances that they need a closing date which is later, then this will add additional time onto the overall closing timeline.
Overall Time for the Transaction to Close: 30-45 days depending on a cash or loan transaction. Could be longer if the parties agree on something outside the typical time frames.
Overall Time to Purchase a Home: 34-62 days, or 1 – 2 months from the planning stage to closing on a home!
Overall Time to Purchase Your Next Home while Selling Your Current Home: 48-83 days, or 1.5-3 months from preparing your home to sell and purchasing and closing on a new home!
Of course, these timelines may vary depending on your local housing market to sell your home and if you need to sell your home prior to purchasing a home. One of our experienced real estate professionals will advise you accordingly so you can make the most of your time and fit moving into a new home into your fun family activities schedule, rather than having your move consume all of your life. We, at Hussar Real Estate, want you to enjoy the things that matter most to you in life, which is why we will assist you with your real estate transaction in the most efficient manner possible.