Access to the internet has made finding a home easier for Buyers. However, buying a home also involves navigating through the negotiating process, ensuring that all forms are filed, regulations are met and that all terms of the contract are executed.
On average a homebuyer will spend 30-60 days searching the internet and looking at homes, then 14 to 60 days from contract to close. For some, the entire process can take as little as 30 days.
If possible, start the home buying process early. Contact a mortgage professional to get pre-qualified (the initial step in the mortgage process) and pre-approved (runs credit and verifies income and assets). If the mortgage professional determines that you do not qualify for a mortgage loan, they will be able to tell you what you need to do to position yourself for home ownership in the future.
Depending on your credit and the type of financing, you’ll typically need to save somewhere between 3% and 20% of the home’s price for a down payment. Closing costs on average can be 2.5% of the purchase price.
Purpose Real Estate Co. can help guide you through one of the most important decisions of your life. Let us help you find the home of your dreams and we will make a donation in your name to the charity of your choice or one of our community partners.