The pandemic was a game-changer in the real estate industry. Now, apart from going through the entire process of buying or selling a home, there’s the added step of observing safety protocols and social distancing. And, as the economy rebounds in the new normal this 2022, you can expect to conduct your transaction a little longer but a lot safer than usual.
Home-buying tip: check your finances above everything else
A February 2021 Confidence Index Survey of the National Association of Realtors reveals that a shortage of finances accounts for 29% of the reasons behind home-buying delays. So, if you’re out to buy real estate in Winthrop in Okanogan County, WA, NAR recommends getting pre-approval and maintaining the status quo in your financial position. That means no new lines of credit, keeping up with monthly payments, and maintaining your current employment status.
Timeline estimates
Barring any potential financial issues, the length of time you engage in your home purchase should take between 20 and 90 days, starting from the home search to the transfer of keys to you, the new homeowner. Below is our estimate of your journey’s timeline.
Mortgage pre-approval
Estimated time spent: 1 to 2 weeks
Should you be buying your home on a mortgage, going through this step will indicate your readiness to get one. This involves providing a lender with a number of papers indicating your financial status. You can speed up the process by knowing the type of documents required of you and collating these beforehand.
Finding a reputable real estate agent
Estimated time spent: more than a week
This process can take a week or two from the time you look for referrals from people you know to interviewing possible candidates to making the choice. But you can shave off several days from this period if you immediately check out well-established local real estate firms like Coldwell Banker Winthrop Realty.
Home search
Estimated time spent: varies
This part of the process takes the most time, considering the many considerations to make before rounding up the best choices for your shortlist. But if you have your buyer’s agent to help you out in the search, narrowing down your choices to the best ones that fit your requirements, budget, and lifestyle will get you moving to the next stage of the process in no time at all.
Winding down to the close
Estimated time spent: more than a month
As the buyer, your primary role here is to put together the necessary documents for submission to your chosen lender and secure the financing for your mortgage.
Appraisals and inspections
Estimated time spent: varies
These two endeavors involve third parties assessing your property, but for different reasons. A home appraiser checks if you are getting your money’s worth for the home you’re buying while a home inspector looks at the overall structural integrity of your home. Evaluations from these two may affect the length of time reviewing contingencies and the final selling price.
Turnover of keys to the home
Estimated time spent: 1 week
After your lender gives the go signal for the home purchase, you need to sign all documents pertaining to the sale, pay your down payment and other closing costs, and receive the keys to your new home.
