Plan Your Move: A Comprehensive Guide On Timing Your Move

In the world of real estate, timing is everything. Whether you're writing offers or closing on your dream home, every step requires careful planning and strategic scheduling. If you're envisioning a move this year, understanding the buying process is essential. One of the most common questions we get is what does the time frame look like in regards to searching for a home, writing an offer on a home, to officially receiving the keys. Below we highlight what that timeline typically looks likes for our home buyers.

Preparation: The Key to Success

Before diving into the home buying process, make sure you've selected a realtor you trust and signed a buyer representation agreement. Secure a pre-approval from your lender (if you don’t have one we’ve got some great recommendations!) to understand your budget and gain credibility with sellers. Additionally, being set up with a collection search will keep you informed of new listings and potential off-market homes. Once you're prepared, it's time to start viewing homes in person.

The Search Phase

Prospective buyers typically tour 5-10 homes before finding "the one." While this seems to be the average with our clients, some of our buyers have discovered their dream home in the first property that they see. While you are searching try to keep an open mind and work closely with your realtor to identify properties that match your needs and budget.

Offer & Acceptance

Once you’ve found a home you love, the next step is to craft a compelling offer. This involves working with your realtor to determine the right price and terms based on market trends and comparable sales. If you're financing your purchase, the offer process may involve a bit more negotiation and documentation. If it’s a new popular listing that just hit the market, we typically see sellers let all the showings that are scheduled to happen, and if they start to receive multiple offers they may decide to put a deadline on all offers in regards to when they are due. This can sometimes take the whole weekend to wait for sellers to decide on an offer, and other times we have seen sellers take the first offer that comes in. Every seller is different when it comes to deciding on when to respond to an offer that is sent over to them. If a seller decides to work with your offer and it’s accepted, you're one step closer to home ownership!

Due Diligence and Inspections

After your offer is accepted, the due diligence period begins. This stage typically includes home inspections, appraisals, and reviewing any disclosures or reports. It's essential to work with your realtor to address any concerns or renegotiate terms if necessary. The due diligence phase provides an opportunity to ensure you're making a well-informed decision. This phase typically takes 5-10 days depending on what is agreed upon in the contract by both the seller and the buyer. In a competitive market it’s not uncommon to see homes go from ‘active’ to ‘pending’ meaning the buyer and seller have skipped the inspection phase and are moving on to ‘pending’ instead of ‘active-contingent’.

Pending to Closing

Once due diligence is complete, the next phase is underwriting if the offer is financed and then off to closing. This is when the title of the property transfers from the seller to the buyer, and the seller receives the payment at closing. Typically, it takes 30-45 days to close on a property with financing. If you're using a cash offer, the process can be much quicker. We’ve had clients close as quick as 2 weeks with cash as timelines can be shortened if the seller agrees to a quick close. Something to also remember is if you are shopping for new construction, patience is key, as timelines can stretch from months to years.

Final Walk-Through and Keys

Before closing, you'll have a final walk-through of the property to ensure everything is in order and as expected. Once the deal is officially closed, you'll receive the keys to your new home. It's a moment of celebration as you step into your new space!

Partner with an Expert

Understanding the home buying timeline is crucial for a smooth and successful transaction. By partnering with an experienced realtor, you can navigate each step with confidence and ease. From preparation, home Tours, paperwork, & closing, we'll be with you every step of the way, providing guidance and expertise. Let's work together to make your home buying journey a success!

If you're ready to embark on your home buying journey or need further assistance, don't hesitate to reach out. We would love to set up a buyer consultation to help make your dream home a reality!

Adam: 612.770.2119, Adam.Sullivan@compass.com

Brit: 612.840.6208, Brit.Sullivan@compass.com