Real Estate Tip Tuesday #2- How long is the home buying process from start to finish?
It’s Melissa Okabe with Alta Properties, back for another round of Real Estate Tuesday Tips, a series in which I’ll be answering all of your real estate related tips straight from the audience!
Today’s question comes from Fernando L. (based in Hawthorne, CA), and Fernando’s question is: “How long is the home buying process from start to finish?”
That’s a great question, and I’m sure many first time buyers are curious about this as well. I’ll break this down into two parts. Part 1- the home search & Part 2- Escrow.
What I can advise, is that the home search varies from client to client, dependent on:
1) How specific and clear you are on your search criteria;
2) What sort of inventory is available that may be a good match;
3) Buyer’s timeline- is this an urgent priority or are you casually looking?
I’ve worked with buyers whom we’ve found a property to make an offer on within 2 weeks of searching (and closed 30 days later). These buyers took an urgent approach doing multiple showings on the weekends that we did look. On the other-hand, other clients have taken a little while longer (for example 2-3 months) before finding a property they felt was satisfactory enough to make an offer on.
So in terms of an estimated amount of time for the home buying process, it truly depends on the client. Another thing to consider is clarifying your timeline for yourself. Once more, typically if this home search is an urgent priority, you will most likely find something a bit quicker than if you are passively looking or just doing so on-and-off in your free time.
Another benefit of working with a licensed real estate agent is that we have access to off-market properties that may be relevant to your search and that the general public doesn’t have access to, giving you a competitive advantage over other potential buyers who are just going off of the online platforms such as Redfin, Trulia, Zillow (which are fed from the MLS).
In terms of escrow, a typical length of escrow in my local Los Angeles-South Bay market is 30-45 days, but again this is something that can be negotiated and customized, depending on what the buyer and seller feel is best for them.
I hope this provides a little more clarity on what to expect from the home buying process! To attend one of my future First Time Buyer Educational Seminars or to make an appointment for a complimentary initial buyer consultation, please contact me today!