Does location still matter most? Should you remodel your home to suit your tastes or for resale value? Are starter homes still a thing? We all have plenty of questions about the ever-changing world of real estate. In our Ask an Agent series, we’re partnering with experts at Better Homes and Gardens Real Estate to answer your biggest questions about finding, buying, and selling a home.
Whether you’ve been in the house-hunting market before or it’s your first time looking for a new home, you’re likely curious what the current timeline looks like for the process. While the time it takes to find a home that’s right for you varies significantly from person to person, a real estate expert reveals what the average search time is. Read on to discover the typical timeline and learn how to speed it up.
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For this installment of Ask an Agent, we spoke with Amy Hummer of Better Homes & Gardens Real Estate Steinborn & Associates to learn all about how long buyers should expect the search for a new home to take.
Meet Our Expert
Amy Hummer is the co-owner and qualifying broker of Better Homes & Gardens Real Estate Steinborn & Associates, located in Las Cruces, New Mexico.
Ask an Agent: How Long Should Buyers Expect the Home Search to Take?
I always discuss the same four things with buyers when they’re considering the home search process and how long it will take. First, it will depend on your market, your price range within that market, your wish list for a home, and your level of experience in the home-buying process. Often, if you’re a first-time home buyer, it might take longer because you’re just learning the ropes.
It also depends on whether the market is competitive or not. If it is a highly competitive market, you have to be prepared to act quickly, because in some of our markets across the country right now, you don’t have a lot of time once a house goes on the market to make a decision. Let’s say you’re relocating across the country due to a job change, or perhaps you’re moving with a family that includes kids who need to enroll in a specific school district. In that case, your timeline will also be influenced by these factors. I’d say that nationally, the sweet spot for a home search is probably in the 30- to 75-day time range right now.
How to Make the Process Faster and Smoother
The first thing that comes to mind for buyers is that you need to be prepared so that when you start looking, you already know what you’re looking for. You’ve had a conversation with a lender, and you know your price range. If you are a cash buyer, be prepared to show your ability to make a cash purchase. Realtors in our markets are advocating for their sellers, and so they want buyers who are fully prepared when the offer comes in.
Lastly, one of the things we always discuss with buyers in our company is what we call the 85% rule. If you have a wish list and you find something that meets about 85% of that list, then you’re in a good spot. If you’re looking for a 100% house, which rarely exists, it will take you a whole lot longer to find.
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This interview has been edited for length and clarity.
Read the original article on Better Homes & Gardens
