It is a process to buy and sell, and it doesn’t happen overnight. Here is a quick overview for both.
Rundown of the home-buying process:
- Check Finances: Review your budget and get pre-approved for a mortgage.
- Set Needs: List must-haves (location, size, features).
- Find an Agent: Hire a licensed real estate professional.
- Search Homes: View listings, attend open houses, and explore neighborhoods.
- Make an Offer: Submit a competitive offer with contingencies.
- Inspect & Appraise: Conduct a home inspection and ensure the appraisal aligns.
- Finalize Loan: Secure financing and resolve title issues.
- Close: Sign documents, pay closing costs, and get the keys!
This process can take months from start to finish. Searching for homes may take a day, weeks, or even months to find your perfect home. Once you find a home you love, you will need to make a competitive offer, but there are no guarantees your offer will be accepted, which could mean more home searching. When your offer is finally accepted, there is typically a 30-day escrow period before you become a homeowner.
Rundown of the selling process:
- Prepare Your Home: Clean, declutter, and make necessary repairs.
- Set a Price: Work with a real estate agent to determine a competitive listing price.
- List Your Home: Market the property through online listings, photos, and showings.
- Negotiate Offers: Review and negotiate offers with potential buyers.
- Inspection & Appraisal: Address buyer’s inspection results and appraisal.
- Closing: Sign documents, transfer ownership, and receive payment.
Depending on the condition of your home, it could take a few weeks to prepare it for the market. Once the home is ready, and depending on the current market conditions, it may sit for days, weeks, or even months until a well-qualified buyer makes an offer. When an offer is accepted, the escrow period typically lasts 30 days before the keys are handed over to the new homeowner.
